Great Britain has supplanted the United States as the largest contributor to the World Bank, pledging $4.2 billion of the total $25.1 billion raised for the world's poorest nations, a record high. The shift in power reflects both the dollar's waning dominance as well as an end to US-Europe tensions following Paul Wolfowitz's resignation, the Times reports.
The donations—including contributions from former recipients China and Egypt—are a feather in the cap of current bank president Robert Zoellick, who has striven to heal wounds created by Wolfowitz's departure. “The atmosphere has improved and become more trusting,” said a German deputy minister. “He has shown a clear vision for the future of the bank.”