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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

World Bank President: Include Developing Countries in Economic Plans

The Post's Neil Irwin reports that World Bank President Robert B. Zoellick said today that the financial crisis could dampen global enthusiasm for free markets, and he proposed a new approach to international cooperation on financial issues.

Major developing nations should be included in the efforts of the seven major developed countries whose finance ministers meet regularly to plot a course for the global economy, Zoellick said in a speech at the Peterson Institute for International Economics.

He suggested that Brazil, China, India, Mexico, Russia, Saudi Arabia, and South Africa be involved in these collaborations, which now occur among the Group of Seven, or G-7 finance ministers. The G-7 includes the U.S., Japan, and large western European nations.

The group must work to identify problems in the global economy early and aggressively, he said.

"We need this mechanism," Zoellick said, "so that global problems are not just mopped up after the fact, but anticipated."

-- Michael S. Rosenwald

By Michael S. Rosenwald  |  October 6, 2008; 12:28 PM ET
Categories:  The Ticker  
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Comments

"[Bizarro] World Bank President Robert B. Zoellick said today that the financial crisis could dampen global enthusiasm for free markets, and he proposed a new approach to international cooperation on financial issues."

only in Zoellick's Bizarro World will a centralized/command economic approach restore faith in a "free" market.

i have a better idea: to fix the problem caused by excessive credit, the world's central banks should extend MORE credit to everyone! Robert Mugabe would be so proud.

Posted by: million | October 6, 1908 12:48 PM | Report abuse

the govermenet will continue to act???

http://www.greenfaucet.com/blogs/hanlons-pub

Posted by: j.b.wargo | October 6, 1908 12:53 PM | Report abuse

"A brave new world, sir, full of religion, knavery and change! We shall shortly see better days." The Roundheads, 1682

If it's not one thing, it's always another. Life is tough and it's tougher if you are stupid. We'll get through this mess and learn some lessons in the process. I know I certainly have. It looks like the jobs outlook is changing again. The woods are dark and deep and we all still have promises to keep, for the kids sake. We can't be conquered and as much as they try they always fail. When our security is threatened, actions follow and order is restored. It takes time.

Posted by: JD in PA | October 6, 1908 3:26 PM | Report abuse

A good time for the pub business. I'm taking a time out and we'll see what happens next. Happy hours and tough days ahead.

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Posted by: JD in PA | October 6, 1908 4:51 PM | Report abuse

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