In January, French president Nicholas Sarkozy stoked the debate about reforming the international monetary system while deliberations on the potential future role of the IMF’s special drawing right as a prototype global reserve currency continued.
Praise for improvements to World Bank transparency have been tempered by ongoing criticism of weaknesses in implementation.
While the World Bank has lately changed its rhetoric on how to approach its knowledge role, critics fear that without internal governance reforms the new approach remains nothing but an empty slogan.
IMF managing director Dominique Strauss-Kahn called agreements reached on IMF governance reform "historic". A closer analysis reveals that the shifts in votes are smaller than claimed and though the basic power structure of the IMF will better incorporate large emerging markets after two years, it will continue to be dominated by the US and Europe.
Renosi Mokate, former deputy governor of the South African Reserve Bank, has been elected to the World Bank's board of executive directors.
Africa Report, a magazine focussing on African politics and economics, has scrutinised racial diversity in Bank staffing, and claims that black Africans and African-Americans remain underrepresented
In late October, hedge fund advocate Antonio Borges was appointed the director of the IMF's European department.
IMF managing director Dominique Strauss-Kahn called recent agreements reached on IMF governance reform "historic". However, a closer analysis reveals that the shifts in votes are smaller than claimed and though the basic power structure of the IMF will better incorporate large emerging markets, it will also continue to see dominance of the US and Europe.
A briefing by World Bank staff on the investment lending reform, 9 October 2010
Coverage of the communiqu