ASEAN KEY DESTINATIONS
Indonesia president calls for new global order
Indonesian President Susilo Bambang Yudhoyono is calling for a new global economic order to emerge from a G20 summit in London next week, AFP reported quoting a local news agency.
Sweeping reforms to rebuild the world financial system after the bloodbath triggered by the US credit crisis will be on the table at the two-day summit of rich and emerging countries.
"In the current global financial crisis, the G20 summit is of great significance. I hope the London meeting will come up with a concrete proposal to change the global economic order," Yudhoyono told foreign investors at the State Palace late Tuesday, according to Antara news agency.
"We proposed global expenditure funds at the previous G20 meeting to assist the developing countries which are facing funding difficulties," Yudhoyono said.
US President Barack Obama called this week on G20 leaders to agree a strategy to kick-start the global economy and launch a "new era of economic engagement" to force huge global financial institutions to act responsibly.
"If we continue to let financial institutions around the world act recklessly and irresponsibly, we will remain trapped in a cycle of bubble and bust," he said. European leaders, especially in France and Germany, blame lax regulation for the financial crisis and want the G20 meeting to take on major reforms to tackle abuses.
Comment on this Article. Send them to firstname.lastname@example.org
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below