The candidate is now on a world tour. His goal: to convince the skeptics. Because of the doubts about Donald trump's candidates for the world Bank top are great – not just because of its proximity to the U.S. President, but also to himself. By David Malpass, since September 2017 as the state Secretary for Finance is responsible for international Affairs, there are several Statements in which he has, the world Bank sharply criticized. To do the critics have a Institution of your boss – it was just typical Donald Trump, say many.
As a Trump introduced his preferred candidates on Wednesday at the White house, he referred primarily to the great experience. The President described the 62-Year-old as a "highly respected" and a "brilliant" man. There could be "no better candidate" for the leadership of the world Bank. Malpass, who comes from Michigan and the economy at the Washington-based Georgetown University, had already held under previous Republican presidents Ronald Reagan and George H. W. Bush's Post in the Ministry of Finance. From 1993, he worked at the investment Bank Bear Stearns, six years as chief economist, before the Bank collapsed at the beginning of the global financial crisis in 2008. Malpass founded his own economic analysis firm.
He wants to quit to the world Bank reform
Malpass himself that he wanted to "constructive reforms" in the multi-national development Bank. "I'm very optimistic that we can help to growth abroad to make the breakthrough," he added. This will help in the "fight against extreme poverty", and more economic opportunities in developing countries.
What Malpass said "constructive reforms", he has already performed in November 2017, before a congressional Committee. At the time, he said, the Lending practices of the world Bank and the International monetary Fund (IMF), was often "corrupt". International institutions were "a lot of money," are not, in their functioning but "not very efficient". Unlike claiming your probably would not did often, people in developing countries, but used those that came with "First-class-Tickets" flew, to advise the governments on the spot.daily mirror tomorrow location for Free order
The President will like to have heard, but international organizations in General, skeptical. Malpass also argues in favour of rate countries such as China, and to give them less credit. Because the people's Republic get to the markets enough money. From its present Position in the Ministry of Finance, he was in the last year for a reform package at the world Bank, the loans for countries with higher incomes, like China, is limited and expensive. At the same time it was decided, but also a capital increase to 13 billion dollars, against which the US had previously resisted for a long time.
Until the middle of March can be nominated against a candidate
the selection process for the new world Bank top began on Thursday, the Board of Directors of the world Bank takes up to a 14. March applications of all 189 member countries. To the joint spring meeting with the IMF, the 12. April in Washington begins, one should stand to be the successor to Jim Yong Kim, who resigned at the beginning of the year, surprisingly, more than three years before the actual end of his second term. The USA in the composition of the top management of the world Bank traditionally, the right of proposal, while the IMF is usually headed by a European, currently the Frenchwoman Christine Lagarde. Emerging countries such as China, Russia, India or Brazil want to do away with this unwritten rule for quite some time. If you can find but a majority is open
His promotional tour Malpass leads now to Asia, where he will try to get the support of Beijing for his candidacy. Because China is a potential future world Bank chief Malpass particularly enthusiastic, is unlikely. The 62-Year-old applies in this question as hardliners and supported the confrontational China policy Trumps. The US government accuses Beijing, among other things, unfair trade practices, forced technology transfers, and intellectual property theft, and has imposed punitive tariffs on various imports from China, on the China, in turn, with counter-tariffs, replied.
criticism from the Nobel prize winner in Economics
But also on the other side, criticism of trump is the candidate. So prize-winners Paul Krugman addressed the Nobel prize in economic Sciences on Twitter the incorrect assessments of the financial crisis in 2008. In 2007, at the height of the real estate bubble, wrote Malpass in a piece for the "Wall Street Journal", "the real estate market and the debt play in the US economy are not so important". That he did not see the global financial crisis have come, disqualifying him for the top post at the world Bank, argue his critics.
How big the resistance will be, ultimately, remains to be seen. The Federal government in Berlin did not want to speak to the personnel and referred to the reconciliation process within the EU. The German Executive Director at the world Bank, and Jürgen Zattler, told the "Handelsblatt": "For the Federal government is Central, that the alignment of the world Bank, in particular also in the sense of climate protection, crisis prevention and sustainability." Similarly, Berlin expects "commitment to and appreciation for multilateral cooperation".More about
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Internally, the world Bank, which has its headquarters in Washington, still a large resistance against Malpass. But there were also voices that said that it was happy that the Americans would still have showed so great interest in the world Bank and not a completely inexperienced candidate sent. Now you should try the New on the from the point of view of the world Bank major issues to galvanize.