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Europe's Insistence on Naming European to Head IMF is Shortsighted

It's disappointing to see Europe attempting to preserve the outmoded mid-20th century custom of Europeans naming the head of the IMF, and in exchange letting the U.S. name the head of the World Bank. As the Economist today succinctly described the quickly emerging European consensus on France's nomination of Dominique Strauss-Kahn, a former finance minister of France:

Take Off the Handcuffs: A Simple Prescription for Fixing the World Bank

"The World Bank," a colleague once told me, "is less than the sum of its parts." And other colleagues always grinned and agreed when I cited him during my seventeen years at the Bank. They all immediately recognized what no one officially admits: the Bank underperforms because it constantly degrades its most precious resources -- the energy, skills and creativity of the people who work there.