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A Big Step Forward For Bretton Woods

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Apr 03 2009 5:06pm EDT

A Big Step Forward for Bretton Woods

Dani Rodrik spots a particularly bright bit of the G20 communiqué:

We agree that the heads and senior leadership of the international financial institutions should be appointed through an open, transparent, and merit-based selection process.

This is spectacularly good news: as Dani says, it “may mean that the era of the World Bank and the IMF being run by Americans and Europeans, respectively, is over. And good riddance too”.

Might Ngozi Okonjo-Iweala become the next World Bank president? Might Mohamed El-Erian be the next managing director of the IMF? Suddenly, there are all manner of tantalizing and exciting possibilities. It’s taken long enough, but I’m very happy this day has finally arrived.

Reprinted from Reuters.com

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