Bottom line, one word, Iraq.

From the article;

But European officials made it clear they are in no mood to accede to that schedule. "The Treasury Department is trying to give the impression that a deal is done, but there is no deal done," said a source in one of the European executive directors' offices at the bank who did not want to be identified because the matter is highly sensitive. "No one has any question about [Wolfowitz's] intellect, but the problem is, he's the face of a certain American hegemony, in the opinion of many European directors, and that does not fit the role of the bank."