Regional development bank (RDB) usually refers to four institutions: African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD) and Inter-American Development Bank (IDB). However, the World Bank is not one of these RDBs.

‘Democratic deficit’ is a term used by people who argue that the EU institutions and their decision-making procedures suffer from a lack of democracy and seem inaccessible to the ordinary citizen due to their complexity. The real EU democratic deficit seems to be the absence of European politics. EU voters do not feel that they have an effective way to reject a ‘government’, they do not like, and to change, in some ways, the course of politics and policy.

In 1991, the General Assembly’s Resolution 1080 emphasized that “one of the basic purposes of the OAS is to promote and consolidate representative democracy, with due respect for the principle of non-intervention.”

International non-governmental organizations (INGOs) have become an integrated part of international politics where they play significant roles that fit their agenda.

An NGO is not a political party, business organization, criminal group, and violent organization.

Financial liberalization was not the main purpose of the pre-1980s financial policies. It was promoted after the 1980s. 

There are three types of membership, namely, full membership, associate membership and observer status.

Originally issued by the Basel Committee in 1997, the core principles for effective banking supervision were last revised by the Committee in September 2012. The revised Core Principles define 29 principles that are broadly categorised into two groups: the first group (1 to 13) focus on powers, responsibilities and functions of supervisors, while the second group (14 to 29) focus on prudential regulations and requirements for banks.

To ensure fair representation, 19 members of the Committee in the ECOSOC are elected on the basis of the following scheme:

• 5 members from the African States;

• 4 members from the Asian States;

• 2 members from the Eastern European States;

• 4 members from the Latin American and Caribbean States; and

• 4 members from the Western European and other States.

Like other non-state actors, the NGOs have gained prominence after the end of World War II., a period where the UN was formed for a better-working web of global governance.

A country’s voting shares and level of board representation are based on the size of its economy and its financial contributions to the institution. The United States is the single largest shareholder in the IDB and the EBRD. At the ADB, the United States is tied with Japan for the largest financial commitment. At the AfDB, the United States is the second largest shareholder after Nigeria. Among regional members, China and India are large contributors to the ADB; Egypt and South Africa are large contributors to the AfDB; Argentina, Brazil, and Venezuela are large contributors to the IDB; and Russia is a large contributor to the EBRD.

Achieving these objectives would have involvements in various extensions for the RDBs. RDBs would need to: Develop new financial instruments; Plan and fashion particular lending policies; Bring their capacity to produce and disseminate knowledge/best practices into a more desirable condition.