Events

Presentation of the report. Women, business and regulation 2012

Augusto López-Claros, Director of the Global Indicators and Analysis Department of the World Bank and the International Finance Corporation (24/10/2011)

On 24 October 2011, the Rafael del Pino Foundation hosted the presentation of the report by the International Finance Corporation and the World Bank entitled "Women, Business and Regulation 2012", which has been presented by Augusto López-ClarosDirector of the Global Indicators and Analysis Department of the World Bank and the International Finance Corporation. The event featured speeches by Maria del PinoPresident of the Rafael del Pino Foundation, and Gonzalo García AndrésDirector General for International Finance, Ministry of Economy and Finance.

Augusto López-Claros argued that: "One of the consequences of the crisis is that countries have had to provide a lot of fiscal stimulus and increase public spending. Some governments have implemented these policies much better than others; those countries with high levels of public debt have seen how deteriorating fiscal accounts and growing public deficits have dented market confidence in the sustainability of their public finances. This, unfortunately, has had a very negative effect because, when markets lose confidence in a country, the perception of risk increases, financing becomes more expensive and the country's fiscal situation becomes much more complicated. In the medium term, the solution to much of the current crisis lies in moving to a situation of much more cautious management of public finances. We will have to learn to live with smaller deficits and less public debt. Otherwise, we will always be captive to the markets and that is a very difficult and painful situation.

The report "Women, Business and Regulation 2012", prepared by the International Finance Corporation and the World Bank, reflects, according to Augusto López-Claros, that "there has been a gradual improvement, in recent years, in the elimination of the differences established by the laws between men and women, but many of these differences still persist in different parts of the world. There is a major challenge ahead of us to continue to make progress [...]. When, in any country - whether because of tradition, social taboo or other considerations - half of the population, women, are unable to make their contribution to economic activity, either in the labour market or in the decision-making process, productivity suffers and, ultimately, economic activity suffers.

 

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