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WASHINGTON: Finance chiefs from the Group of Seven Nations (G7) are to meet later this week in Washington to work on a co-ordinated response to the current economic crisis.
The G7 meeting will be held on the sidelines the annual meetings of the International Monetary Fund and the World Bank.
But President of the World Bank Robert Zoellick is calling for the G7 meeting to be scrapped as he wants countries such as China, India and Brazil to have a greater influence in the solutions to the turmoil.
Said Zoellick: "For financial and economic cooperation we should consider a new steering group including Brazil, China, India, Mexico, Russia, Saudi Arabia and the current G7.
“Such a steering group would bring together over 70 per cent of the world's GDP, and 56 per cent of the world's population."
The US, Japan, France, Germany, Italy, Canada and Great Britain, making up the G7, have been the traditional guardians of the global economic order.
But Zoellick continued to say that the period in which the G7 dominated global affairs is now over.
"Ours must be a globalisation where both the opportunities and the responsibilities are more widely shared,” said the World Bank president. “Without that, we may design a new architecture which will turn out to be a house of cards."
The US Treasury and the Federal Reserve are now working out how they will buy up troubled assets to try to prevent another bank collapse like that of Lehman Brothers.
- CNA/yb
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