In view of the world's changing economic landscape in which countries in the emerging markets are driving the growth of the global economy, the United States and the European Union should come to terms with this reality and perhaps start making more room for wider representation in the World Bank and International Monetary Fund (IMF).
Since its inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. However, its leadership has historically remained with the United States which nominates its president.
Similarly, the IMF gets its Managing Director from Europe. Last year representatives of the emerging markets — China, India, Mexico and Turkey — tried to convince European leaders to select a representative of a non-European country to lead the IMF, in view of the Eurozone debt crisis, following the resignation of Dominique-Strauss Kahn. However, it did not happen. It is important for all to realise the new shift — the growing economic power of Asia, Africa, Latin America and the Middle East. As the hunt for a successor to World Bank President Robert Zoellick starts, it is an opportune time for the World Bank to seek one based on merit rather than the passport he carries.
