Obama Made the Wrong World Bank Call

Obama Made the Wrong World Bank Call
Every now and then something crystallises how rapidly the world is changing. Last week’s nomination by President Barack Obama of Jim Yong Kim as the next president of the World Bank presents one such moment. The story ought to proceed by tradition – a US president chooses an American for the top job and the other big shareholders fall into line. The chances are that the gentleman’s agreement will be upheld: the Europeans have even more to lose than the US by ending their duopoly over Bretton Woods (France – oops, Europe – gets to appoint the head of the IMF). It would take an unlikely rupture to embolden the Europeans to vote against Dr Kim’s candidacy next month.

What could possibly go wrong? Very little, which is precisely the problem.

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