France calls for reform of world financial institutes 2009-09-24
UNITED NATIONS, Sept. 23 (Xinhua) -- French President Nicolas Sarkozy on Wednesday called for reform of the world financial institutes -- the International Monetary Fund (IMF) and the World Bank -- and reengineering the international monetary system.
The French president, while addressing the general debate of the UN General Assembly, said, "We need to reform the IMF and the World Bank. Voting rights need to be more equitably distributed between countries."
"The institutions' missions need to be redefined," he said. "It would be a mistake to limit their role to upholding an orthodoxy that has been so severely shaken by the crisis."
"Their role should be to watch over the economic, monetary and social balance of the world. And they must be given the resources to do so," he said.
"Reengineering the international monetary system is a huge task before us," he said. "We cannot have a system based on just one currency in a world that has become politically and economically multipolar."
