Zoellick to quit as president of the World Bank
Thursday 16 February 2012
Robert Zoellick is to step down from the helm of the World Bank in June after a turbulent five-year stint for the global economy under his presidency.
Mr Zoellick – appointed by the President George W Bush in 2007 – oversaw a major $5.1bn increase in the development bank’s coffers to meet a huge surge in loan requests from struggling nations in the wake of the 2008 financial crisis. He said it was a “natural time to move on”.
His departure immediately triggered speculation over his successor with Larry Summers – Bill Clinton’s former Treasury Secretary and Barack Obama’s one time economic adviser – a leading candidate. Its former chief economist, Nobel Prize winner Joseph Stiglitz has also been mooted as a contender.
Under a gentlemen’s agreement struck nearly 70 years ago an American has always led the World Bank and a European has led the IMF, although the charity Oxfam yesterday called for the carve-up to end.
A spokeswoman said: “The way the World Bank picks its president needs to change. The bank only operates in developing countries, so any candidate not supported by a majority of these countries would plainly lack legitimacy.”
- 1 'Not suppost to cry': 9-year-old lists the worst things about being a boy
- 2 Lee Evans announces his retirement from comedy on The Jonathan Ross Show
- 3 Iggy Azalea responds to Eminem rape lyrics: 'I'm bored of old men threatening young women'
- 4 These grandmas smoking weed for the first time are wonderful
- 5 Pastafarian former porn star Asia Lemmon allowed to wear colander in driving licence photo
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...