World Bank nominees must come from emerging economies

[polly7]

GLOBAL EXCHANGE

World Bank nominees must come from emerging economies

BESSMA MOMANI AND XENIA MENZIES

http://www.theglobeandmail.com/report-on-business/international-news/global-exchange/international-experts/world-bank-nominees-must-come-from-emerging-economies/article2341913/page1/

"With the American Robert Zoellick’s term as World Bank president drawing to a close, now is the time to acknowledge global economic reality and allow a developing country candidate to take the helm.

There have been calls for an open, merit-based selection process for the World Bank Group and International Monetary Fund heads since the institutions were first proposed during the Second World War. At that time, the United States was the bulwark multilateralist that stopped John Maynard Keynes’s proposal that the institutions should be run by a U.S.-U.K. duopoly. The U.S. argued for a broader governance arrangement and won in light of overwhelming economic power. In spite of the multilateralist intentions that won out at Bretton Woods in the formal agreements, the “gentleman’s agreement” that was struck informally has let Europe head the IMF and the US head the World Bank virtually without a fight for more than half a century." ...