Brazilian President Luiz Inacio Lula da Silva on Tuesday called for mechanisms of both prevention and control to "provide total transparency to international finance" at a time when an economic and financial crisis grips the world.
"A crisis of such magnitude will not be overcome with palliative measures," Lula said in an addressed delivered at the general debate of the 63rd session of the United Nations General Assembly. "Mechanisms for both prevention and control are needed to provide total transparency to international finance."
He said international economic institutions today "have neither the authority nor the workable instruments they need to inhibit the anarchy of speculation."
"We must rebuild them on entirely new foundations," Lula said.
"A dearth of rules favors adventures and opportunists, to the detriment of real companies and workers," he said. "We must not allow the burden of the boundless of greed of a few to be shouldered by all."
Quoting Brazilian economist Celso Furtado, Lula said the world cannot "allow speculators' profits always to be privatized, while their losses are invariably socialized."
He said the global nature of the current financial crisis means that the solutions adopted must also be global, and decided "upon within legitimate, trusted multilateral fora, with no impositions."
"The United Nations, as the world's largest multilateral arena, must issue a call for a vigorous response to the weighty threats we all face," Lula said.
Source:Xinhua
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