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WASHINGTON DC 30 Jun 2012 World Bank President Robert Zoellick leaves job
World Bank President Robert Zoellick announced on Feb 15 that he will leave his job at the completion of his five year term on

June 30, 2012 - NULL

WASHINGTON DC 30 Jun 2012 World Bank President Robert Zoellick leaves job
World Bank President Robert Zoellick announced on Feb 15 that he will leave his job at the completion of his five year term on Jun 30. Under a 58-year-old agreement with Europe, his replacement will be an American--unless several countries with growing economic clout succeed in changing the informal succession agreement. New bank guidelines adopted in 2011 call for an "open, merit-based and transparent selection" process.

An editorial in the conservative Financial Times on Feb 16 described Zoellick as "The quiet revolutionary who saved

WASHINGTON DC 30 Jun 2012 World Bank President Robert Zoellick leaves job
World Bank President Robert Zoellick announced on Feb 15 that he will leave his job at the completion of his five year term on Jun 30. Under a 58-year-old agreement with Europe, his replacement will be an American--unless several countries with growing economic clout succeed in changing the informal succession agreement. New bank guidelines adopted in 2011 call for an "open, merit-based and transparent selection" process.

An editorial in the conservative Financial Times on Feb 16 described Zoellick as "The quiet revolutionary who saved the World Bank." It credits him with giving the bank a collaborative mindset and boosting the volume of financing while holding costs stable. The former deputy secretary of State, Zoellick replaced Paul Wolfowitz in 2007. Wolfowitz, who was second in command at the Pentagon, resigned from the World Bank after giving questionable pay raises to an employee who was also his girlfriend.

As part of the informal arrangement with Europe, the head of the World Bank's sister institution, the International Monetary Fund, is a European.

The BRICS nations - Brazil, Russia, China and South Africa - and other emerging nations such as Chile, Indonesia, Vietnam, Turkey, Singapore, Mexico or Nigeria want their turn at the top of one or both of the lenders. The two presidencies are important because they largely determine how aid funds are disbursed.

The IMF was supposed to follow the same open selection guidelines when it searched for a new managing director last year, but wound up again choosing a European, former French Finance Minister Christine Lagarde.

A Feb 15 Bloomberg report notes that members of the US Congress, who decide on US funding for development banks, are likely to fight to maintain US control of the bank and to push back against any change to the succession arrangement. (WRITTEN FEB 2012)

RELATED READING:

Who Will Lead The World Bank? (Forbes 17 Feb 2012)
http://www.forbes.com/sites/worldviews/2012/02/17/who-will-lead-the-world-bank/

Spokesman: Bloomberg not interested in World Bank presidency now (New York Post 15 Feb 2012)
http://www.nypost.com/p/news/local/mayoral_spokesman_says_bloomberg_zdnNLohK5cdCA8ghU03QBN

The quiet revolutionary who saved the World Bank (FT 16 Feb 2012)
http://www.ft.com/intl/cms/s/0/dd59766a-57da-11e1-b089-00144feabdc0.html#axzz1mbTBMFuA

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Date written/update: 2012-06-30