Okonjo-Iweala as Interim World Bank President?

Last week, the Center for Global Development's Nancy Birdsall had a rather good idea: that the next president of the World Bank not serve a full five-year term, but rather simply serve out the remaining three years of Paul Wolfowitz's term. She explained:

The U.S. could proceed with the nomination of a single U.S. candidate for consideration by the board, with the clear understanding--in advance of proposing a specific individual--that the nominee will serve for the balance of Paul Wolfowitz’s uncompleted term, that is, for three years. The new president, who would commit in advance not to seek a second term, would have one central task besides keeping the trains running on time: to work with other members of the bank and with the U.S. administration to devise a reformed selection process for his successor that is broadly acceptable to the bank’s shareholders--the nations of the world.

Great minds think alike, it would seem, as Joe Stiglitz said something very similar in testimony to the House Committee on Financial Services:

The appropriate course of action at this juncture may be the appointment of an interim President, for the next 20 to 24 months, who, while continuing with oversight of the day to day operations of the bank, sees as his/her mandate reaching consensus on a new model of governance.

Stiglitz went on to name one particular name:

I hesitate to mention names, but one that quickly comes to mind is Ngozi Okonjo-Iweala, a scholar at the Brookings Institution, who proved her mettle during the difficult period of the East Asia crisis, while serving as the World Bank’s country director for Malaysia, and who subsequently showed her effectiveness in promoting development and fighting corruption as Nigeria’s Finance Minister and, later, Foreign Minister. It would send a wonderful message to the world that those who fight consistently and effectively for development and against corruption get rewarded, regardless of political connections, gender, and nation of origin.

Special bonus news, too: Bill Frist doesn't want the job. He was probably the worst of the names being put forward, so this is definitely a positive development. If George Bush is determined to appoint an American -- and it seems that he is -- then I think the idea of appointing someone for just two or three years is a very good one. I think Paul Volcker might make a good caretaker, someone who would let the World Bank staff get on with their jobs, while spending most of his efforts on restructuring the governance architecture at the top of the bank.