Source:
IFIs Latin American Monitor
Fri May 25 2007
Otaviano Canuto, the representative of Brazil and eight more countries in the Executive Board of the World Bank, believes that the selection process for the new president should be based on merits regardless of the candidate’s nationality. Nobel Peace Laureate, Muhammad Yunus, also spoke in favour of World Bank governance reform.
Following Paul Wolfowitz’s resignation, US president George W. Bush said that he would like the new Bank president to be American, thus perpetuating a tradition that began at the end of World War II and allows Europeans to choose the IMF Managing Director. However, this non-written agreement is being criticised by a growing number of people.
Otaviano Canuto, a Brazilian that represents nine countries in the Executive Board of the World Bank, among them Brazil, Colombia, Dominican Republic, Ecuador and Panama, also questioned this gentleman’s agreement in a letter sent to the rest of Board members.
"I believe that in the current situation it is of utmost importance to act within the framework of an open, democratic and transparent system, based on the merits of several candidates, regardless of their nationality". This process is necessary to recover the legitimacy among all members", Canuto said.
On the other hand, Nobel Peace Laureate, Muhammad Yunus, also spoke in favour of World Bank governance reform. In his participation in a forum organised by the Bank in Germany, Yunus stated that the World Bank should be turned into a "bank for the poor", with the aim of ultimately reducing poverty worldwide. "I hope that somebody who can change (the World Bank) is going to take the position", Yunus said in Berlin.
Among the names being mentioned to replace Wolfowitz are those of Robert Zoellick, former US trade policy leader; Paul Volcker, former president of the Federal Reserve; and Robert Kimmitt, Deputy Secretary of the US Treasury. In addition, the following names are also being mentioned: Stanley Fischer, the current governor of the Bank of Israel, who is also a US citizen, and Bill Frist, former Senate Republican majority leader.
From civil society, numerous representatives are also taking actions to influence this process. The petition they are currently circulating in favour of a democratic and transparent selection process has obtained so far over 450 expressions of support. See New Rules for Global Finance website
Related information:
* Call to open up World Bank job, by Financial Times
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