White House spokesman Tony Fratto says Washington wants to move swiftly to nominate a new president of the World Bank.

Paul Wolfowitz has praised his performance as the World Bank's president in his first public comments since resigning as head of the global lending body. Wolfowitz had come under pressure to step down after a special bank committee determined he had violated bank rules by overseeing a wage increase for his girlfriend, a bank employee.

The European Union called on the World Bank to name a successor to its president Paul Wolfowitz as soon as possible, saying "stable and strong political leadership at its top is important."

Europe breathed a sigh of relief at Paul Wolfowitz's decision to leave the World Bank and urged the quick selection of a strong successor. Wolfowitz announced on Thursday that he would step down at the end of June, his leadership undermined by a furor over the pay package he arranged in 2005 for his girlfriend Shaha Riza, an employee of the bank.

The World Bank has announced that President Paul Wolfowitz will resign on June 30, after a special bank committee determined that Wolfowitz violated bank rules by overseeing a wage increase for his girlfriend, a bank employee.

The President of the World Bank has issued the statement below:

The Executive Directors of the World Bank have issued the statement below concerning the recent resignation of President Paul Wolfowitz.

Finance ministers from the Group of Eight meet Friday, with issues such as the influence of hedge funds and the weak dollar on their minds. But the furor over World Bank President Paul Wolfowitz could overshadow the talks.

Because of his central role in U.S. war plans in Iraq, Paul Wolfowitz has always stirred passions. Today, he faces what may be a make-or-break meeting on his future before the World Bank's 24-nation board of shareholder governments.

Finance ministers from Belgium and the Netherlands are criticizing World Bank President Paul Wolfowitz. Netherlands' Finance Minister Wouter Bos said Tuesday that the bank needs a president with "a good reputation and integrity."

World Bank President Paul Wolfowitz faces bank directors Monday, when he is expected to argue that the bank's ethics committee knew of his involvement in arranging a promotion and big pay raise for his girlfriend.

Embattled World Bank President Paul Wolfowitz and an architect of the Iraq war in his preceding Pentagon job plans to argue that the institution's ethics committee knew of his involvement in securing a promotion and pay raise for his girlfriend.