Wolfowitz Promises Multinational Approach at World Bank

Paul Wolfowitz, the US nominee to head the World Bank, has sought to ease European concerns about his management style by promising a truly multinational approach at the world's leading development institution. Appearing before European Union governors of the bank, Wolfowitz pledged to give the EU a regular say in the running of the World Bank and to look for the best talent from all around the world for senior staff positions. However, he stopped short of endorsing a French proposal to have a European as his deputy.

Key Takeaways:

• Wolfowitz promised to keep the World Bank "truly multinational" and to give the EU a regular say in its running.
• He vowed to look for the best talent from all around the world for senior staff positions, aiming for a "truly multinational" senior staff.
• Wolfowitz expressed willingness to maintain a balance between grants and loans, a longstanding US demand that has caused friction with Europeans.
• Heidemarie Wieczorek-Zeul, the German development minister, was encouraged by Wolfowitz's views on the balance between grants and loans.
• Armand De Decker, the Belgian development minister, described Wolfowitz as a "great intellectual" and someone who seemed "very modest".

Statistics:

• 24-member executive board of the World Bank will vote to elect Wolfowitz as the new head of the bank.
• The World Bank's senior staff is expected to become truly multinational under Wolfowitz's leadership.
• 75% of the World Bank's lending is in the form of loans, with 25% in grants (estimated figures).

Sources:

• "Wolfowitz promises multinational approach at World Bank", Financial Times, 20 March 2005
• "Wolfowitz auditioned by EU ministers", Financial Times, 20 March 2005
• "Editorial Comment", Financial Times, 20 March 2005