Douglas Alexander, the International Development Secretary, has declared that the American supervision on the World Bank should come to an end soon and the organization should be given a complete make over. All through its 50 years record, the bank only had Americans as its president. Mr. Alexander was extremely critical of the World Bank’s reaction to past financial recession. He stated in the Chatham House think-tank that the US monopoly over the bank has prevented the best aspirant to be at the control of the management.
He wanted the bank to identify the shifting economic equilibrium of power. In future the bank must have more representatives and be more responsible.He condemned the bank of reacting slowly in the previous economic depression. It did not do enough to guard and help out the underprivileged countries. He blamed the bureaucracy for the poor performance of the bank. He insisted that the World Bank should surpass its promise of tripling its loan amount to $35bn this year.