World Leaders and Economists Urging Global Financial System
Leaders and economists from Western Europe to East Asia Tuesday urged the United States to go beyond reviving a failed domestic bailout and start working on a new global financial system.
“The Americans don’t have a choice they must absolutely have a global plan,” Christian Noyer, head of the French central bank, said in Paris.
David Smick, a global strategist and author of “The World Is Curved: Hidden Dangers of the Global Economy,” said the next U.S. president should immediately call for a second “Bretton Woods” conference to devise a new doctrine of international finance.
The tiny New Hampshire town hosted a conference shortly after World War II that established rules for economic interchange among the world’s industrial powers and created the World Bank and International Monetary Fund.
“I am convinced that the sickness runs deep and that we need to rethink the entire financial and monetary system, as we did in Bretton Woods … to create the tools for worldwide regulation made necessary by the globalization of trade,” French President Nicolas Sarkozy said in the French city of Toulon on Monday.
He said that officials from France, Britain, Germany and Italy will meet next week in Paris with the Continent’s top financial officials to prepare for a proposed global summit on the economic crisis. European Central Bank President Jean-Claude Trichet will participate.
The 27-nation European Union said Tuesday that the crisis “has become a global problem” and Washington has a “special responsibility” to resolve it.
