Developed countries triggered 'monetary tsunami': Brazil

New Delhi, Mar 28 (PTI) Holding developed countries responsible for triggering "monetary tsunami" after global financial crisis, Brazil today pitched for reforms of international financial institutions to give representation to India and other emerging economies. Addressing a gathering after being conferred an Honorary Degree of Doctor of Letters by the Delhi University, Brazilian President Dilma Rousseff also pitched for reform of the UN Security Council, saying it is hard to imagine an international debate or a discussion forum where the views of India and Brazil are not valued and even called for. She said here the two countries were increasingly called upon to perform a "central role" in addressing the main issues on the international agenda. The Honorary D.Litt was conferred on her by India's Vice President and Delhi University Chancellor Hamid Ansari for her contributions to the polity in Brazil and her role in deepening bilateral ties. "This (economic) crisis started in the developed world. It will not be overcome simply through measures of austerity, fiscal consolidations and depreciation of the labour force; let alone through quantitative easing policies that have triggered what can only be described as a monetary tsunami, have led to a currency war and have introduced new and perverse forms of protectionism in the world," she said. Rousseff, the first woman President of Brazil, said the two countries have worked for the reform of global governance institutions, including the United Nations Security Council. In her 20-minute acceptance speech, the Brazialian leader invoked Mahatma Gandhi, Jawaharlal Nehru and quoted Indian Nobel laureate Rabindranath Tagore's famous lines 'Where the mind is without fear'. Rousseff said both countries have their say when it comes to facing the serious economic and financial crisis that remains a source of concern given the impact it has had on the outlook for global growth. On matters of peace and security, she said Brazil and India have a highly significant contribution to make towards strengthening international cooperation in the context of the multi-polar world of today. She said India and Brazil shared the challenge of ensuring a significant improvement in the living standards of the citizens particularly who still live in poverty and that much progress has been made in that direction. Both countries share the commitment of building a more democratic international system that is rooted in international law and geared towards cooperation and peace, she said. On her meetings with President Pratibha Patil and Prime Minister Singh on Friday, she said she would review the vast agenda and deepen the dialogue on economic and political issues. "I am convinced that these meetings will further add to enhance our relations," she said. She also thanked the Delhi University for its interest in receiving Brazilian students and researchers. PTI Caption for pic: Brazilian President Dilma Rousseff (3rd L), India's Vice-President and Delhi University Chancellor Hamid Ansari, Delhi University Vice Chancellor Dinesh Singh (2nd R) and others during a ceremony to grant Doctor of Literature (Honoris Causa) to the visiting dignitary, in New Delhi on Wednesday. PTI Photo