April 17th, 2012
01:45 PM GMT
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CNN, Hong Kong - The World Bank race has been run and won – and no surprises for guessing the winner.

That was clear months ago when the U.S. backed Europe's nomination of Christine Lagarde for the top job at the International Monetary Fund. It ensured the Europeans would back the U.S. at the World Bank.

But the cozy days of you-scratch-my-back-if-I-scratch-yours are numbered. And not before time.

Former Nigerian finance minister Ngozi Okonjo-Iweala is claiming, if not victory, then success. Success in breaching the IMF-World Bank club for insiders. Never again will a European be chosen for the IMF or an American for the World Bank without a rigorous test based on merit.

Whether Mr Kim is the best or most qualified for the job will remain a debate. But what is clear is that Ngozo Okonjo-Iweala was equally well-equipped to lead the bank.

As the 21th century becomes increasingly a story of the developing world, the Bretton Woods institutions have been put on notice in clear terms: no more deal-making and a lot more transparency. Those days belong to an era when the U.S. and Europe ruled the economic world. Those days are coming to an end.



soundoff (6 Responses)
  1. Tosin

    While i agree that this noble article clearly explains the stakes, interest and reality, its readership might suggest a pre-contest composition targeted @ consoling the eventual predetermined loosers.

    April 17, 2012 at 2:44 pm |
  2. Zola Mokoena

    This is absolutely a disgrace,how can a medical doctor be the president of Apex bank in the world "the World Bank". The Nigerian Candidate was the former CEO of World Bank,the former Vice President of the World BANK and also she is the former Corporate Secretary of the World Bank.
    Purely selecting Kim a medical doctor is a disgrace to the banking industry if the US continues to determine the presidency of the world bank.

    April 17, 2012 at 4:41 pm |
  3. Jana

    We finally have to admit that "politically correct" is not ALWAYS the best way to run the world.

    April 17, 2012 at 9:03 pm |
  4. Patrick Koshoni

    Kim ...not Okonjo-Iweala? That's 'World Order' in full effect.

    April 18, 2012 at 6:15 am |
  5. anthony

    This clearly demonstrates that US and UK are afraid of emerging economies. That's why politics came in the selection. But positions like this should have been given to the one with experience and a clear vision. Thank you!

    April 19, 2012 at 8:22 am |
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    October 9, 2012 at 11:04 pm |

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