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People's Daily Online>>World

World Bank president should be selected on merit, not nationality

(People's Daily)

16:11, February 29, 2012

Edited and translated by People's Daily Online

World Bank President Robert Zoellick recently said he will step down in June, which has brought the nationality of the head of the World Bank and the International Monetary Fund under the spotlight once again. Emerging economies hope that the next World Bank president will be selected on merit but not nationality.

According to an informal agreement between the United States and Europe, the World Bank president should be an American, and the head of its sister institution, the IMF, should be an European. More than 60 years on, things go on like this. However, developing countries, especially emerging economies with growing economic clout, have become increasingly dissatisfied with the existing global economic governance structure that does not match with their role in the world economy. The global economic and political landscapes have profoundly changed, and it is natural that developing countries with growing clout seek a greater discourse power in global economic governance to protect their interests.

Developing countries have been calling for an open, competitive, and merit-based selection process, hoping that the heads of the two international financial institutions which is in need of urgent reform will be selected on merit, not nationality.

The interests of developing countries can no longer be ignored. A growing number of economists believe that like the quota reform, choosing more qualified and competent people as the heads of the two financial institutions is crucial to maintaining their authority and reliability.

The global financial crisis has raised doubts about the Washington Consensus featuring laissez-faire policies, financial innovation, and deregulation. If developing countries continue to be treated unfairly, their trust and willingness to participate in building international financial system will decrease significantly.

Developed countries should face the fact that the global economic landscape has changed, and developing countries should reach a consensus and make concerted efforts to gain greater economic power.


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wende at 2012-02-2971.255.84.*
This will need a lot of effort. WB is always chaired by American and IMF is always an European. The west is using WB, IMF, WTO, UN and other international organization to foster its hegemony on the non-whites and other second class white states. China should exert more effort to gather the other non western nations to an alliance to protect their own interests. Of course, some of these countries can only see up to the tip of their noses and are after their own private interests. Much work needed to convince them to look at long term vision.

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