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Zoellick supports US candidate for World Bank

Friday, February 24, 2012 - 01:42

Feb. 25 - Outgoing World Bank president says U.S. should lead some global bodies. Rough cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) The head of the World Bank, Robert Zoellick, says a U.S. candidate to head the World Bank would be good for the United States and that the world's largest economy should be represented in top international bodies. "I don't think it's a bad idea for America to share responsibility by heading some of these institutions, now traditionally it's been the World Bank that could change overtime. But I want the United States to feel a sense of responsibility to the international system, so in that sense if you get the right American candidate I think that could be good for the United States as well as for the Bank," he said in an interview with Reuters on the sidelines of a meeting in Singapore. The World Bank last week launched the nomination process to select a new president to succeed Zoellick when he steps down in June, inviting names from any of its 187 member countries. On the subject of the Euro crisis, Zoellick said the Greek bailout was only a temporary measure. "I think it buys time, I think, you know, it's too early to know partly it depends on the actions the Greeks have to take, I think that the debt adjustment was important, there's additional financial support. But I think the European Union has dealt with Greece as one element but the core elements are really going to be the success of the bigger countries such as Italy and Spain," he said adding he did not believe Spain, Italy or Portugal needed bailouts to ease massive debt burdens but that reforms needed critical support of Germany and other European leading nations," he said. "I don't think that bailouts are necessary but I do think that all this is harder to accomplish in an environment in which there is a recession taking place in Europe and so that's why I've tried to suggest that Europe use some of the funds, for example, from Brussels that are used for structural cohesion funds, there are ideas about the European investment Bank That if changes are made, that you can get some investment to support the changes going forward," he added. Zoellick leaves for China later on Saturday (February 25).

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Zoellick supports US candidate for World Bank

Friday, February 24, 2012 - 01:42