Appointment of the new World Bank Group President
The selection of the new World Bank president takes place amid a crisis of multilateralism reflected in the ascent of anti-establishment and nationalist parties and increased trade tensions. These arise from persistent challenges to the world economy ranging from the growing inequality crisis, the increasing importance of finance, financial markets, and financial institutions in the economy, a looming debt crisis and increased corporate capture that is resulting in the erosion of states’ sovereignty and their ability to meet their human rights obligations. These trends are exacerbated by the quickly evolving climate change crisis, which threatens the livelihoods of the poorest around the globe.
The World Bank requires a leader able and willing to critically assess the role the Bank can play in challenging the failed model that has led us here. The next president must ensure the institution leads by example and uses its privileged position to articulate the need for radical change. More than ever the World Bank requires a president who is qualified to lead what is still the world’s principal public development bank.
It is therefore imperative that the selection process results in the appointment of the best candidate, chosen from a wide-ranging pool of people with the background and experience required.
One thing is certain, at a time when the legitimacy of international institutions is increasingly under attack, reliance on the previous process, where the US and its European allies work behind closed doors to ensure the selection of a US World Bank president in exchange for the European leadership of the IMF will only further erode confidence in the multilateral system. It is of vital importance therefore that the next president has the support of the majority of low and middle-income countries, to which World Bank lending is restricted. Continue reading