Thursday, February 16, 2012

Who will replace World Bank president?

Do you know in theory Asian or Non -USA sponsored person cannot be a President of World Bank.

Emerging market and developing countries have campaigned hard in recent years to break Europe's grip on the top position at the International Monetary Fund and the United States' hold on the presidency of the World Bank.

Officials from large emerging economies like Brazil said on Wednesday the selection process for Zoellick's successor should be based on qualifications and not nationality.

"There is no reason for the president of the World Bank to have a specific nationality," Brazilian Finance Minister Guido Mantega told reporters in Brasilia.

From yahoo news:

World Bank President Robert Zoellick said on Wednesday he will step down in June and Washington pledged to name a replacement candidate within weeks for a job that has always gone to an American.

The Obama administration said it would open the process to competition, marking the first time it has shown willingness to loosen its grip on the world's top development lender.

Zoellick took the reins at the Bank in 2007 after a staff revolt pushed out Paul Wolfowitz, and he moved quickly to return the institution's focus to alleviating poverty.

Developing countries have for years pressed for a greater voice in leading global financial institutions and are likely to stress the importance of a competitive process, but the United States is still widely expected to retain its hold on the job.

(source: yahoo news)

For your information in global politic, there was no democratic right.

There was a informal agreement:

Although the president is formally appointed by the bank's member nations, a decades-old agreement - which also allows major European powers to choose the head of the IMF - gives the United States the role of naming the World Bank chief.

Is it democracy that the western democracy advocate nations practices all this while. How about the chances of Asian, African and South American to hold the post for the world organization? No wonder USA had been manipulated the world financial system all this while in the past.....

There was discrimination in world body, where no open competition for the world financial top post, a monopoly by USA and its European allies, IMF and World Bank....

Where is the human right?.....another hypocrisy of the democracy and human right advocates of western world...

The next President of the world bank is going to be another USA candidate, despite their dismay of the Wall Street, New York and the poor financial performance of it a fair and equal opportunity in the world body for all? .....can they able to take the world financial body to the next era?....

I was just ponder, and will it be another disaster?....

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