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On Friday evening, the governors of the European Bank for Reconstruction and Development (EBRD) selected a new president: British civil servant Sir Suma Chakrabarti. The decision is important because the EBRD has recently taken on a major global challenge: assisting the countries of the Arab Spring. It also matters because the selection process raised the bar for open, transparent and merit-based leadership selection at other international institutions, including the World Bank, IMF and the other regional development banks.
On Friday the Governors of the European Bank for Reconstruction and Development (EBRD) will decide who will be the Bank’s next President. Today we are publishing interviews with four of the candidates.
The European Bank for Reconstruction and Development (EBRD) will appoint its next president in ten days, after months of deliberation. Many in the international development community are pushing for the process to be open, transparent and merit-based--a rallying cry you'll recall from the recent World Bank presidential selection process. On behalf of CGD Europe, We've invited each of the five EBRD presidential candidates to join me for podcast interviews on their vision for the bank's future.
This is a joint post with Julia Clark and Christian Meyer.
Industrial policy—as many have already commented—is back. (See here, here and here).
The recent wave of post-financial-crisis interventionism has reignited the classic (and often heated) debate about whether governments can in fact nurture economic growth. Previous analysis of the East Asian miracle, and frustration at the perceived failure of certain liberalization policies, has led many to (again) embrace a more activist role for governments in economic development.
In a huge step forward, this week Liberia slashed its foreign debt by buying back $1.2 billion in commercial debt -- about one-quarter of its foreign debt -- from its private foreign creditors, including banks, hedge funds, and other “distressed debt” investment funds.