Azerbaijan, Baku, 3 November / Trend corr. A.Badalova/ The efforts to strengthen the international financial institutions must be consolidated so that to improve the global financial system, said Warren Coats, Senior Monetary Policy Advisor to the Central Bank of Iraq and Director of the Cayman Islands Monetary Authority, IMF retired.
"A useful outcome of this gathering would be support for consolidating responsibilities for global coordination in strengthened International Financial Institutions that are more broadly representative-the IMF, World Bank, Financial Stability Forum (FSF), and the international standard setters-and away from the Gs (3, 5, 7, 8, 10, 20, 24)," Coats said to Trend via e-mail on 3 November.
On 15 November, Washington will host an anti-crisis summit to involve the G20 countries. The cause of the crisis and the estimate to the measures taken to overpass the crisis will be the key topic of discussion. G20 seek an agreement on the principles of the reforms which are required to prevent a repeated crisis.
According to Coats, regulation of globalized financial markets needs careful refinement, not radical change and this cannot be achieved quickly by a political gathering in the midst of a panic.
"These ongoing efforts are more likely to improve the system than ad hoc proposals of the G-20," he said.
Coats believes the FSF should add China, India, Brazil and Russia to its membership.
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