World Bank chief: Governments should deal with global debt woes

The World Bank called for national governments to seek long-term debt curbs today to solve the current sovereign debt crises in Europe and the United States, but said it was too early for special action by the Group of 20 nations.

World Bank President Robert Zoellick also said it was time to push a free trade agenda, warning against rising protectionism as nations seek to solve their debt crisis.

"This is really at a stage where you still have sovereign governments having to make decisions in Europe," Zoellick told reporters in the Australian capital Canberra on Tuesday.

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Buzzle.com: Washington Veteran Gets Nod for World Bank Post

Robert Zoellick - a diplomat to replace a hawk

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Washington Veteran Gets Nod for World Bank Post

The Bush administration - bruised by the fallout after the former Pentagon deputy was forced to step down after granting pay rises to his girlfriend - has turned to Robert Zoellick, an experienced Washington insider who served as Condoleezza Rice's number two at the state department and played a key role in the reunification of Germany in 1990. Sources within the World Bank said the announcement follows careful negotiations by the US Treasury secretary, Hank Paulson, with major governments, including Britain and Germany, in which Mr Zoellick's name was mentioned as the top choice. "It certainly could be worse. He's a solid appointment - he's not a former architect of the Iraq war," said Ken Rogoff, a former chief economist for the International Monetary Fund and a professor at Harvard University.

The US has selected the head of the World Bank since the institution was founded 60 years ago, while European governments have chosen the head of its sister organization, the IMF. Nancy Birdsall, president of the Center for Global Development, while praising Mr Zoellick's analytical skills and experience, said: "The question is whether other countries will be satisfied that he is indeed the best candidate, for example, whether he has the right management skills."