Business Services Industry
Wolfowitz fiasco may fix World Bank.
Australasian Business Intelligence, April, 2007
Byline: Kenneth Rogoff
Apr 22, 2007 (The Australian Financial Review - ABIX via COMTEX) -- World Bank president Paul Wolfowitz may be forced to resign over the generous pay and promotion deal he arranged for his girlfriend. However, nothing will be gained from the exercise if the outdated practice continues of the US President selecting the head of the biggest development agency in the world. Wolfowitz came to the job as a friend of George W Bush with no background in development or finance. Europe does not challenge the convention because it, similarly, is allowed to choose the head of the International Monetary Fund. This is no time to maintain the status quo. It is hoped that Britain's next Prime Minister can convince the G7 nations to change and pick from...
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