Emerging challenges put the World Bank's global relevance into question
Last week Robert Zoellick, World Bank president, announced he would step down in June. With the news came much appraisal of what he achieved during his tenure: $247bn disbursed to support the poorest nations; successful appeals and fund-raising to deal with a looming food crisis; and a historic $90bn channelled to the regions most affected by the global downturn.
Little was said, however, about who is to succeed Zoellick next summer. Yet the question matters. The World Bank is facing bigger challenges it has ever faced, with some saying that it no longer fulfils the mission it was designed for - funnelling resources from rich countries to poor ones. Having a strong, legitimate leader in the driver's seat is as important as ever.Read More