It is indeed an honor for me to welcome you to the Fiftieth Annual Meetings of the World Bank Group and the International Monetary Fund. I would like to take this opportunity to remember fondly and with great appreciation the life and work of Lewis Preston, whose dedication to the goal of reducing poverty in the developing world guided the World Bank Group for nearly four years. Mr. Preston’s vision of an open institution, flexible enough to respond to the different needs of member countries but also sufficiently accountable to its shareholders, is an ideal to which we all aspire.