The Economic Commission for Latin America and the Caribbean (ECLAC) managed to coordinate a regional position towards the global economic meltdown and the international financial crisis, local media said on Wednesday.
During a meeting of Treasury authorities hosted by the ECLAC Tuesday, participants agreed to form a high-level working group which would consist of government officials and economists to redesign the regulation mechanism and transparent discipline for the world financial system.
During the meeting, ECLAC Executive Secretary Alicia Barcena said that "Treasury Ministries can give a clear bid of what the region wants regarding the international financial reforms and such issues as energy, infrastructure, social development, poverty eradication and climate change."
Barcena said that the region is now better equipped to handle the crisis due to the stronger fiscal measure, lower external debt, more international reserves and surplus in the current account.
Barcena also said that the current situation requires bigger room for the developing countries' participation in the world financial affairs.
At the end of the meeting, participants called on ECLAC to keep its support for the working group, and they agreed to hold the next meeting in Buenos Aires, Argentina.
Source:Xinhua
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