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2008 Sarkozy’s new financial world order October 25, 2008

Posted by chandrapong007 in Economics.
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Nicolas Sarkozy, the French president, who currently holds the rotating post of EU president, is spearheading efforts to formulate a new financial world order to prevent a reoccurence of the current global financial crisis.

Sarkozy has outlined the EU’s response to the stock market vacillations and bank collapses, calling for the implementation of a global system of regulation and a ban on banks with state money working through tax havens.

Next week, Sarkozy is due to visit Beijing and is expected to call on both China and India to join in efforts to work towards resolving and preventing more financial market turmoil.

Sarkozy and Jose Manuel Barroso, the European Commission president, said they would use an Asia-Europe Meeting (ASEM) to urge the two fast-growing export countries to join in taking responsibility for stabilising the world economy in the wake of the credit crisis.

At this point, China and India are reluctant as they cannot see many incentives to induce them to do so.

In this edition of Inside Story Erik Berglof, the chief economist and special adviser to the president at the European Bank for Reconstruction and Development; Iain Begg, a professor at the European Institute, London School of Economics; and Mohan Guruswamy, the chairman and founder of the Centre for Policy Alternatives will join the presenter Sohail Rahman.

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