Baku, Azerbaijan, Sept. 29
By Elena Kosolapova - Trend:
Kazakh President Nursultan Nazarbayev voiced an initiative at the 70th session of the UN General Assembly in New York to create a supranational world currency to combat the global economic crisis, the press-service of the president of Kazakhstan said Sept. 29.
The president said that to tackle this global crisis, we need to start with clear rules for the emission and trade of the world reserve currencies as they do not now meet the criteria of justice, democracy, competitiveness, effectiveness and international control.
"In the 21 st century, our world needs qualitatively new instruments," Nazarbayev said. "The UN member states need to combine their efforts to create a new supranational currency, which should be relevant to the targets and tasks of global sustainable development and prosperity."
President Nazarbayev also proposed to transform the UN Economic and Social Council into the Global Development Council. Along with UN member states elected by the General Assembly, it could consist of the heads of all UN specialized agencies, including the International Monetary Fund.
"The Council should be tasked to become a global economic regulator," he said. "Global projects carried out by this Council are to promote economic growth world-wide. This will help decrease considerably the risks of global crises and ensure responsible behavior by the states in maintaining their national economic and social policies."
Edited by CN
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