Publications

	Table of Contents
p. 10 of 11 BACK | NEXT What is governance? The role of governance in the Bank's response to the Asian financial crisis Interventions beyond the crisis Next Steps Summary and conclusions Program Loans and Sector Development Loans with Governance Components, 1995-1998

Governance in Asia: From Crisis to Opportunity

---

Summary and Conclusions

Issues of governance are at the center of challenges facing the Bank's DMCs. Over the last five years, the Bank has deepened its thinking on governance matters, including legal and judicial reform, combating corruption, and banking and financial sector strengthening. This thinking, and the underlying policies based on it, helped the Bank to respond quickly to the Asian financial crisis

The Bank will further deepen its understanding of the basic principles of good governance, and evolve notions of good governance practice. It will help DMCs adapt these ideas to local conditions, and help them manage the risks of complex governance reforms.

Future government organizations may look very different from those we see today, but the basic principles will stay the same. As Republic of Korea President Kim Dae-jung recently pointed out,

"Looking back on the past year of reform, I can draw one important conclusion. It is that introducing new laws and institutions alone is not enough. Reform can succeed only when these institutional changes are accompanied by changes in people's attitude. This is the real test."²⁹

Back Next Steps	Next Program Loans and Sector Development Loans with Governance Components, 1995-1998