Brazil´s President urges big global finance reforms

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Source: CCTV.com | 11-09-2008 10:17

In Sao Paulo, Brazil, the G-20 finance ministers and central bank governors have reached consensus on the need to take measures to stimulate economic growth and fight off the threat of a global recession.

Brazil's President Luiz Inacio Lula da Silva (C) attends  the meeting of G20 Finance Ministers and Central Bank  Governors in Sao Paulo, Brazil, Nov. 8, 2008. The two-day  meeting was opened on Saturday.(Xinhua Photo)

The agreement came after Brazilian President Luiz Inacio Lula da Silva called for a thorough revamping of the international finance system, with strong input from major emerging economies.

Lula da Silva said the poor stand to lose the most from the global financial crisis, which has dealt a serious blow to businesses worldwide.

The participants reportedly hammered out proposals for their leaders to take to the forthcoming G-20 summit in Washington. And the Brazilian president underscored the need to do so.

Luiz Inacio Lula da Silva said, "This is a global crisis and it demands global solutions. This is the moment to formulate proposals for a substantial change of the world's financial structure."

The president also called for a greater role to be played by emerging nations in re-designing the system.

Luiz Inacio Lula da Silva said, "Contributions from emerging countries are essential. We need a new, more open and inclusive form of governance, and Brazil is ready to face up to its responsibilities."

Earlier on Friday, Brazil, Russia, India, and China joined hands in calling for reforms of international financial institutions to better reflect the growing importance of developing economies.

Editor:Du Xiaodan