Developing countries are calling for a more coordinated and global action plan to fight the financial crisis.
Finance ministers and central bank governors from the G20 group of industrialised and emerging market countries have been meeting in Brazil. It comes ahead of a G20 leaders’ summit in Washington next weekend.
“Within the next 30, 60, 90 days, we’re going to have to have solutions to regulate international financial markets in order to create a new behavioural structure for certain organisations. At this point, we must strengthen the International Monetary Fund. It must have more representation, and we must modify the Financial Stability Forum, which should include emerging nations,” said Brazilian Finance Minister, Guido Mantega.
A growing number of developing countries are stepping up their calls to be given more of a voice in managing global finance, something that has long been the preserve of rich countries in the G7.
Next weekend’s G20 meeting was called by the US President after pressure from French president Nicolas Sarkozy.