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Spain demands a role in world financial reform

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Spain demands a role in world financial reform


Spanish Prime Minister Jose Luis Rodriguez Zapatero says Spain should be part of next month’s summit to reform the world’s financial system.

With it’s economic size and large banks, Zapatero said: ‘‘The world’s 8th largest economy has to have a voice. We have a contribution to make.’‘

At the weekend, French President Nicolas Sarkozy met US President George W. Bush for talks on the forthcoming global finance summit.

But at a speech to the European Parliament yesterday Sarkozy made no mention of Spain’s inclusion.

‘‘I think the simplest thing is the G8, which is unquestionable, with of course the Russians, to which we need to certainly add the five other emerging world economies, which will allow us to bring in China and India to this essential debate.’‘

Sarkozy, whose country currently holds the EU’s rotating presidency, called for a new financial order, saying global financial institutions have to be bolstered and cross border regulation improved.

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