US grip on World Bank challenged

"The Nigerian finance minister, Ngozi Okonjo-Iweala, and former Colombian finance minister, Jose Antonio Ocampo, are reportedly being put forward to replace Robert Zoellick who is retiring.

Ever since the World Bank was established at the Bretton Woods conference after the Second World War, an American has always led it. The understanding also upholds the traditional that a European always heads the International Monetary Fund, created in the wake of the same conference.

Leaders of developing economies have called for a break in the tradition but have so far failed to get enough support from other countries.

Sources told Reuters that Mr Okonjo-Iweala and Mr Ocampo have gathered support from key countries such as South Africa and Brazil.

Mr Okonjo-Iweala was managing director of the World Bank until last year when he left to become Nigeria's finance minister. Mr Ocampo was the former under-secretary for economic and social affairs at the United Nations (UN)..."

at  http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9158530/US-grip-on-World-Bank-challenged.html