BRICS leaders call for reforms in international monetary system

April 14th, 2011 - 2:28 pm ICT by ANI  

Sanya, Apr 14 (ANI): Recognizing that the international financial crisis has exposed the inadequacies and deficiencies of the existing international financial system, leaders of BRICS countries called for reform and improvement of the international monetary system.

In a joint declaration here, the leaders of the five countries said: “We support the reform and improvement of the international monetary system, with a broad-based international reserve currency system providing stability and certainty.

“We welcome the current discussion about the role of the SDR (special drawing rights) in the existing international monetary system including the composition of SDR’s basket of currencies. We call for more attention to the risks of massive cross-border capital flows now faced by the emerging economies,” the added.

The five countries wanted efforts to be made to intensify international financial supervision and reform while enhancing policy coordination as well as financial regulation and supervision to promote the sound development of global financial markets and banking systems

They also called for more attention to the risks of massive cross-border capital flows faced by the emerging economies.

“We support the international community in strengthening cooperation to ensure stability and strong development of physical market by reducing distortion and further regulate financial market, they said.

“The international community should work together to increase production capacity, strengthen producer-consumer dialogue to balance supply and demand, and increase support to the developing countries in terms of funding and technologies. The regulation of the derivatives market for commodities should be accordingly strengthened to prevent activities capable of destabilizing markets,” they added

They further said: “We also should address the problem of shortage of reliable and timely information on demand and supply at international, regional and national levels.

“We support the development and use of renewable energy resources. We recognize the important role of renewable energy as a means to address climate change. We are convinced of the importance of cooperation and information exchange in the field of development of renewable energy resources,” they added. (ANI)

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