Last week, the Center for Global Development’s Nancy Birdsall had
a rather
good idea: that the next president of the World Bank not serve a full five-year
term, but rather simply serve out the remaining three years of Paul
Wolfowitz’s term. She explained:
The U.S. could proceed with the nomination of a single U.S. candidate for
consideration by the board, with the clear understanding–in advance of proposing
a specific individual–that the nominee will serve for the balance of Paul
Wolfowitz’s uncompleted term, that is, for three years. The new president,
who would commit in advance not to seek a second term, would have one central
task besides keeping the trains running on time: to work with other members
of the bank and with the U.S. administration to devise a reformed selection
process for his successor that is broadly acceptable to the bank’s shareholders–the
nations of the world.
Great minds think alike, it would seem, as Joe Stiglitz said
similar in testimony to the House Committee on Financial Services:
The appropriate course of action at this juncture may be the appointment
of an interim President, for the next 20 to 24 months, who, while continuing
with oversight of the day to day operations of the bank, sees as his/her mandate
reaching consensus on a new model of governance.
Stiglitz went on to name one particular name:
I hesitate to mention names, but one that quickly comes to mind is Ngozi
Okonjo-Iweala, a scholar at the Brookings Institution, who proved
her mettle during the difficult period of the East Asia crisis, while serving
as the World Bank’s country director for Malaysia, and who subsequently
showed her effectiveness in promoting development and fighting corruption
as Nigeria’s Finance Minister and, later, Foreign Minister. It would
send a wonderful message to the world that those who fight consistently and
effectively for development and against corruption get rewarded, regardless
of political connections, gender, and nation of origin.
Special bonus news, too: Bill Frist doesn’t
want the job. He was probably the worst of the names being put forward,
so this is definitely a positive development. If George Bush is determined to
appoint an American — and it seems that he is — then I think the idea of appointing
someone for just two or three years is a very good one. I think Paul
Volcker might make a good caretaker, someone who would let the World
Bank staff get on with their jobs, while spending most of his efforts on restructuring
the governance architecture at the top of the bank.