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)