The moment has come: today Ajay Banga takes office as World Bank President. The U.S. nominated the top executive at the end of February following the surprise resignation of David Malpass. Since the founding of the Bretton Woods institutions, as the World Bank and International Monetary Fund (IMF) are known, it has been accepted that the U.S. appoints the head of the World Bank, while European countries pick the leader of the IMF. This undemocratic practice continues to this day. There was no opposing candidate â let alone a female opponent. Despite strong criticism from civil society, on May 3, the 25 World Bank Executive Directors from the 189 member countries, including Germany, cleared the way for Banga after he had spent the last months holding talks in many countries.
