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Emerging markets need more say: Spindler
By Wang Yanlin |
June 7, 2011, Tuesday
|
Online Edition
Online Edition
COUNTRIES of emerging markets should work within the existing international economic system, but more weight should be given to them, said experts at a three-day seminar in Shanghai.
More than 30 senior scholars and economists from abroad joined Chinese officials, including two Chinese banking regulators and Fang Xinghai, head of the Shanghai Financial Services Office at the seminar organized by the non-profit, New York-based Financial Services Volunteer Corps. It was the first time that this decade-old annual seminar was held in China.
"During the discussion, we pledged to build a new international financial architecture to reflect the growing power of emerging markets," said FSVC's president J. Andrew Spindler yesterday. "But all the countries had better work within the existing mechanism and bear in mind that we should make decisions collectively to serve our common good."
Spindler said the Group of 20 is a better framework for countries to negotiate, while the International Monetary Fund and Bank for International Settlements may need some reforms to give countries like China, India and Russia more say.
"Also, countries now make decisions purely out of their domestic consideration," Spindler said. "With the rise of globalization, there is an urgent need for better international cooperation to deal collectively with issues such as climate change, free trade and economic crisis."
Spindler said the United States has had a fragile recovery from the global financial crisis, and the crisis has "a long tail" that the US has not completely come out of it.
Ronald McKinnon, an economics professor from Stanford University, called last month in Shanghai that the US should put an end to its quantitative easing policy that led speculative money to flow into emerging markets.
The seminar, supported by Fudan University's Center for American Studies, also discussed future energy security and cooperation. It ended on Sunday.
More than 30 senior scholars and economists from abroad joined Chinese officials, including two Chinese banking regulators and Fang Xinghai, head of the Shanghai Financial Services Office at the seminar organized by the non-profit, New York-based Financial Services Volunteer Corps. It was the first time that this decade-old annual seminar was held in China.
"During the discussion, we pledged to build a new international financial architecture to reflect the growing power of emerging markets," said FSVC's president J. Andrew Spindler yesterday. "But all the countries had better work within the existing mechanism and bear in mind that we should make decisions collectively to serve our common good."
Spindler said the Group of 20 is a better framework for countries to negotiate, while the International Monetary Fund and Bank for International Settlements may need some reforms to give countries like China, India and Russia more say.
"Also, countries now make decisions purely out of their domestic consideration," Spindler said. "With the rise of globalization, there is an urgent need for better international cooperation to deal collectively with issues such as climate change, free trade and economic crisis."
Spindler said the United States has had a fragile recovery from the global financial crisis, and the crisis has "a long tail" that the US has not completely come out of it.
Ronald McKinnon, an economics professor from Stanford University, called last month in Shanghai that the US should put an end to its quantitative easing policy that led speculative money to flow into emerging markets.
The seminar, supported by Fudan University's Center for American Studies, also discussed future energy security and cooperation. It ended on Sunday.
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