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
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