Five Former Bank Governors Speak Out
"At stake is the Bank’s ability to carry out its mission"
Letter to Financial Times from former World Bank Governors
May 2 2007
"Mr Wolfowitz has compromised the trust in the integrity of his leadership and the credibility of the bank’s promotion of transparency and accountability in public affairs. In the interest of multilateral co-operation for the alleviation of poverty, Mr Wolfowitz should resign."
Domingo CAVALLO, Former Minister of Finance, Argentina
Rubens RICUPERO, Former Minister of Finance, Brazil
Eduardo ANINAT, Former Minister of Finance, Chile
Rodrigo BOTERO, Former Minister of Finance, Colombia
Pedro ASPE, Former Minister of Finance, Mexico
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Letter to the Financial Times from former World Bank Governors
May 2 2007
Sir, We are former ministers of finance from Latin America writing in our personal capacity. We are concerned with the unprecedented state of turmoil at the World Bank resulting from the confrontation of Paul Wolfowitz with the board of directors and the staff.
Graeme Wheeler, the bank’s managing director, describes the situation as the biggest crisis in the history of the institution and claims that by staying on the job, Mr. Wolfowitz would cause “fantastic damage to the bank’s reputation and effectiveness”. A group of former members of the bank’s senior staff have published a letter recommending Mr Wolfowitz’s resignation. The European parliament, The Economist, the Financial Times and The New York Times have come to a similar conclusion.
What is at stake is no longer the question of favouritism or of management style. The issue now is the governance of an international organisation and the ability to carry out its mission. Mr Wolfowitz has compromised the trust in the integrity of his leadership and the credibility of the bank’s promotion of transparency and accountability in public affairs. In the interest of multilateral co-operation for the alleviation of poverty, Mr Wolfowitz should resign.
Domingo CAVALLO, Former Minister of Finance, Argentina
Rubens RICUPERO, Former Minister of Finance, Brazil
Eduardo ANINAT, Former Minister of Finance, Chile
Rodrigo BOTERO, Former Minister of Finance, Colombia
Pedro ASPE, Former Minister of Finance, Mexico
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