US Loses Power to Appoint World Bank President

by Project Censored
Published: Updated:

Researched by Jennifer Donahue and Jayson Reed

The US is to lose its power to appoint the president of the World Bank after the UK’s development secretary, Douglas Alexander, brokered a deal to throw open the post to candidates from any country. Backed by European governments and developing countries, Alexander overcame resistance from the US and Japan to secure a reform he described last night as “a significant step forward.” Washington has had the right to hand-pick the president of the World Bank since the institution was founded after the second world war, with Europe choosing the managing director of the International Monetary Fund.

“US surrenders power to appoint World Bank president” Heather Stewart and Larry Elliot, The Guardian, 12/13/2008

http://www.guardian.co.uk/business/2008/oct/13/worldbank-usa