Brazil's Lula urges reform of global economy

[Joanne98]

Source: Reuters

UNITED NATIONS, Sep 23 (Reuters) - Global leaders should not relax in their fight to fix the global economy despite signs of improvement, Brazilian President Luiz Inacio Lula da Silva told the U.N. General Assembly on Wednesday.

He also blamed unfettered financial markets and "economic dogmas" for causing the global crisis. He said countries should intervene in markets to improve regulations and said his country is now pulling out of a slowdown.


Read more: http://www.reuters.com/article/usDollarRpt/idUSWEN387220090923

[Joanne98]

1. Brazil’s Lula Says World Bank, IMF Both Need Reforms

Sept. 23 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva said the world’s richest countries are delaying needed changes in how the International Monetary Fund and the World Bank operate.

“Poor and underdeveloped countries must increase their shares in the IMF, World Bank,” Lula said today, speaking at the opening ceremony of the UN General Assembly. “Only more representative and democratic international agencies will be able to deal with complex problems like reorganizing the international monetary system.”

Governments around the world have a “political and moral imperative” to change the global order after big nations led the world into a financial crisis, Lula said. Brazil has sought more influence in the IMF, including voting power and a push for naming the first managing director from a developing nation.

“More than a crisis of big banks, this is a crisis of big dogmas,” Lula said. “We can’t just shovel away the rubble of failure; we must be midwives to the future.”

The president of Latin America’s largest economy also reinforced the country’s commitment in fighting climate change and urged that ousted Honduran President Manuel Zelaya be returned to office. Zelaya is currently housed in Brazil’s diplomatic mission in the Honduran capital Tegucigalpa.
http://www.bloomberg.com/apps/news?pid=20601086&sid=awemHfQATQbY

[Vidar]

2. Bravo Lula! Recommended.

[LeftishBrit]

3. k&r