ID :
31572
Fri, 11/21/2008 - 23:18
Auther :
Shortlink :
https://oananews.org//node/31572
The shortlink copeid
NEW GLOBAL FINANCIAL ARCHITECTURE NEEDED URGENTLY, SAYS M'SIAN DPM NAJIB
From Mikhail Raj Abdullah
LIMA (Peru), Nov 21 (Bernama) -- Malaysia wants a new global financial architecture drawn up soon to combat the financial crisis, Deputy Prime Minister Najib Razak said Thursday.
He said a fresh global financial architecture was needed and must be
formulated soon as many financial products of today involving huge financial
value were not bound by regulations.
"Definitely, the time has come for the international community to draw up a
Bretton Woods II system," he told reporters on arrival here for the two-day Asia
Pacific Economic Cooperation Leaders' Meeting beginning Saturday.
The Bretton Woods system to regulate the international monetary and
financial systems for the world's major industrial countries was borne out of
an agreement signed in July 1944 in Bretton Woods in New Hampshire.
Aimed at rebuilding the international economic system as the Second World
War was raging, it led to the formation of the World Bank and the International
Monetary Fund (IMF).
However, multilateral organisations have increasingly come under fire
for being irrelevant and not being able to stop financial crises.
Najib said Malaysia would state its stand at the Apec Leaders' Summit that
the global financial and trading systems must reflect open global trading
system.
"It should be devoid of elements of protectionism and inward-looking.
Whatever we do must be fair to the G-20 member countries and also emerging
economies including Malaysia," said Najib, who is also Finance Minister.
The Deputy Prime Minister said the international community expected leaders
attending the Apec Summit to decide on something "constructive and accurate" on
ways to tackle the global financial crisis plaguing the world today.
"We need fiscal stimulus and monetary policies to protect our economy from
deteriorating and slipping into domestic recession and also global recession.
"I will touch on internal measures that can be taken by Malaysia and
other
countries," he said.
Terrorism, piracy, climate change and food and energy security issues would
also be discussed at the summit, he added.
LIMA (Peru), Nov 21 (Bernama) -- Malaysia wants a new global financial architecture drawn up soon to combat the financial crisis, Deputy Prime Minister Najib Razak said Thursday.
He said a fresh global financial architecture was needed and must be
formulated soon as many financial products of today involving huge financial
value were not bound by regulations.
"Definitely, the time has come for the international community to draw up a
Bretton Woods II system," he told reporters on arrival here for the two-day Asia
Pacific Economic Cooperation Leaders' Meeting beginning Saturday.
The Bretton Woods system to regulate the international monetary and
financial systems for the world's major industrial countries was borne out of
an agreement signed in July 1944 in Bretton Woods in New Hampshire.
Aimed at rebuilding the international economic system as the Second World
War was raging, it led to the formation of the World Bank and the International
Monetary Fund (IMF).
However, multilateral organisations have increasingly come under fire
for being irrelevant and not being able to stop financial crises.
Najib said Malaysia would state its stand at the Apec Leaders' Summit that
the global financial and trading systems must reflect open global trading
system.
"It should be devoid of elements of protectionism and inward-looking.
Whatever we do must be fair to the G-20 member countries and also emerging
economies including Malaysia," said Najib, who is also Finance Minister.
The Deputy Prime Minister said the international community expected leaders
attending the Apec Summit to decide on something "constructive and accurate" on
ways to tackle the global financial crisis plaguing the world today.
"We need fiscal stimulus and monetary policies to protect our economy from
deteriorating and slipping into domestic recession and also global recession.
"I will touch on internal measures that can be taken by Malaysia and
other
countries," he said.
Terrorism, piracy, climate change and food and energy security issues would
also be discussed at the summit, he added.
