The looming departure of Jim Wolfensohn as president of the World Bank is likely to herald important changes at the world's leading development institution. Under Mr Wolfensohn the bank adopted the expansive vision of a transformational agency dedicated to the elimination of poverty and social injustice. Whoever President Bush chooses to replace him will probably favour a narrower interpretation of its role. At a minimum, there will be a strategic rethink and pressure to refocus. This would not be a bad thing, though it must be done with care.

The bank changed profoundly during the Wolfensohn years, in many respects for the better. It came out of the bunker, engaged non-governmental organisations and became a development advocate. Senior staff were redeployed to country offices. Poverty reduction was made the prime test of all initiatives. The bank expanded its activities in health and education. Effort was made to encourage developing countries to take ownership of development programmes; governance and corruption were put on the agenda.