Print This Page Email This Page
World's Major Emerging Economies Propose Reform in Global Financial System

Delegates from six major emerging countries in the world proposed on Friday a reform in the international financial system.

The call was voiced by Brazilian Financial Minister Guido Mantega at a press conference after a meeting with his counterparts from India, China, South Africa, Mexico and Russia.

The meeting was designed for coordinating their stands at the forthcoming annual meeting of financial ministers and central bank heads from Group of 20 (G20) scheduled for this weekend in Sao Paulo, Brazil.

Noting the six countries enjoy identical background on how to combat the global financial crisis, Mantega said only a coordinated action can be efficient.

Mantega called on the developed countries to take additional measures to reestablish the credit and trust, noting their actions being taken currently is right but not enough.

He said the International Monetary Fund and the World Bank have "failed, (and) they were not able to stop the problem."

"And in those organizations the emerging countries that today are responsible for some 75 percent of the world's economic growth, have a minor representation," which failed to match their economic weight, Mantega said.

The G20 consists of 19 major developed and developing countries in the world and the European Union. Brazil is holding the rotating presidency.

(Xinhua News Agency November 9, 2008)


Related Stories
- Vice Premier: China Can Grow Economy by Boosting Domestic Demand
- Hu to Attend G20 Summit on Crisis
- Wen: China to Actively Attend G20 Summit on Financial Crisis
- Official: Financial Crisis Has Limited Impact on China-Brazil Trade
- China Urges Efficient Measures Against Financial Crisis

Print This Page Email This Page
China Outlines 1st Plan to Ensure Grain Security
Disabled People Federation Elects New Chairperson
US$132 Bln Investment for Low-income Housing
US$1 Bln Loan to Quake Zone Gets Approval
Investment Plan Will Cover Green Issues
Moon Surface Map Unveiled


Product Directory
China Search
Country Search
Hot Buys