“If you want to make poverty history you have to make corruption history.” Paul Wolfowitz, embattled president of the World Bank, cited this remark by Nuhu Ribadu, head of the Economic Crimes and Corruption Commission of Nigeria, in a speech made only last month. There he emphasised, once again, the guiding theme of his presidency: fighting corruption and improving governance. How credible, after recent revelations, is the World Bank as a beacon of good governance and a scourge of corruption? “Much less than it should be” is the answer. In a speech just over a year ago in Jakarta, Mr Wolfowitz defined governance as “the combination of transparent and accountable institutions, strong skills and competence, and a fundamental willingness to do the right thing”. Corruption is narrower: it is the abuse of public provision for private gain. Corruption, as Jim Wolfensohn, Mr Wolfowitz’s predecessor, said, is “a cancer on the development process”. Yet corruption is also the natural thing to do. The remainder of Martin Wolf’s column can be read here (FT.com subscribers only). Discussion from our guest economists is free.

Are we able to make multilateral institutions work effectively? Or is our world now so divided that even those we have inherited are doomed to founder? These questions have been raised in many contexts in recent years, notably in the United Nations. But they are also raised by the debate over reform of the International Monetary Fund. What makes this example disturbing is that it should be a simple case: not only does the institution exist, but it has clear functions on which reasonable people broadly agree. Nevertheless, progress is enormously difficult.

My view of international institutions is pragmatic. States need to co-operate if our increasingly interdependent world is to function. The best way to do so is via multilateral institutions with clear objectives, legitimate governance and professional staffs allowed to exercise independent judgment.

Against these standards, how far do the present reform efforts of the IMF measure up? “Not well enough” is the answer.

The rest of Martin Wolf’s column can be read here (FT.com subscribers only). Discussion from our guest economists is free - click ‘Comments’ below.