In the same vein, the convention against the bribery of foreign public officials in international commercial transactions is a good tool. In order to assure its effectiveness, it must be fully applied and implemented by all the signatories. This should lead to a genuine rule of law. This is sometimes difficult, especially in developing countries. These countries should be associated in the preparatory work, and helped throughout the process, so that they can take ownership.
Effectiveness goes hand in hand with increased ethical practice in economic and financial life.
The action of the international financial institutions in these areas should be further pursued and deepened. The legitimacy of international financial institutions calls for heightened transparency and the Governors' genuine partricipation in framing policy objectives. Proposals from civil society must be considered, and transparency must be the rule. We have made some progress, particularly with new Independent Evaluation Office. But we must go farther to articulate a common political vision and to explain it to our constituencies.