Jomo: Global financial system reform needs our inputs
The world’s seven richest countries, also called the Group of 7 or G7 - United States, Japan, Canada, France, Germany, Italy and United Kingdom - have by and large dominated discussions on the global financial system.
The world’s seven richest countries, also called the Group of 7 or G7 - United States, Japan, Canada, France, Germany, Italy and United Kingdom - have by and large dominated discussions on the global financial system.
The United Nations recently set up a group of experts, called the UN Commission of Experts on Reforms of the International Monetary and Financial System, with the aim of including viewpoints from those outside of the exclusive G7 club.
The commission, headed by Nobel Laurete Joseph Stiglez is tasked with suggesting proposals for systemic reform of the global financial system and is expected to deliver its final report by mid-2009.
Among the commission members is former Universiti Malaya economist Dr Jomo Kwame Sundaram, who is also assistant secretary-general for Economic Development, United Nations Department of Economic and Social Affairs.
Jomo, in an interview on the Fairly Current Show, said that the commission’s “idea is that at the beginning of the 21st century, the process of systemic reform should involve the voice and participation of the vast majority of countries in the world”.
Malaysia's best known economist, who is now based in New York, was in Kuala Lumpur on Dec 6 to deliver a keynote speech on the current global financial crisis.
Click 'play' to watch 7-minute Fairly Current Show's interview with Jomo:
