Monday, November 10, 2008

G4 calls for bigger role in new global financial order

Brazil, Russia, India and China have come together in a unified demand for a bigger role in negotiations to create a new global financial order and prevent another economic meltdown.

Brazil's Finance Minister made the comment after meeting with top economic officials from the four nations plus Mexico and South Africa.

Guido Mantega says they will insist that developing nations have more say in deciding how to fix the problems which have led to the recent economic crisis. He says Brazil believes the role of global financial watchdog should go to an expanded version of the existing G8, turning it into a group of nations numbering as many as 15. The finance minister says whatever group ends up in charge, nations like Brazil will no longer sit idly at summits while rich nations make important financial decisions.

Brazilian Finance Minister Guido Mantega said, We are proposing that the G-20, which represents the twenty most important countries in the world, have a more important role. We want to participate and have a more active role in decisions, instead of just being an organism of reflection.





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