The President of Brazil says large emerging economies, like his own country, should have a greater say in global financial governance. Luis Inacio Lula da Silva spoke to central bank governors and finance officials at a G-20 meeting in Sao Paolo. He said Brazil itself was ready to assume more responsibility, like paying more to help fund the International Monetary Fund and World Bank. “This is a global crisis, demanding global solutions,” President da Silva said. “This is the time for substantial changes in the structure of the world’s financial system.”
France has suggested bringing emerging economies on board as members of the exclusive G-8 club of industrialized nations. French Finance Minister, Christine Lagarde said: “We believe that we need to go much further and use the current momentum to bring about long term solutions that will deal with the sustainability of the system.”
As dozens of members of the “Landless Workers Movement” protested outside, President da Silva also said the global economy was victimising the world’s poor. He warned leaders could not fail in their task of mitigating the damage from the financial collapse and preventing similar turmoil in the future.