The joint draft report from the Executive Board Working Groups reviewing the leadership selection processes of the World Bank and IMF recommends that candidates could be nationals of any member country, and that Executive Directors should agree on a shortlist and make an appointment by consensus. If implemented, the new process could offer more flexibility than the current process where European and US governments put forward candidates for the IMF and Bank leaders respectively. In practice there is nothing in the recommendations that would prevent powerful countries continuing to impose their candidates.
In the news
Last year BRICS' leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do and what it should look like.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).