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SEOUL: Speaking at the World Knowledge Forum on Wednesday, South Korea's President Lee Myung-Bak proposed setting up a new international body to deal with the financial crisis facing the world today.
Channel NewsAsia is a media partner of the two-day forum.
The world is more interlinked now than ever before and the current financial crisis is a perfect example of how problems can spread quickly across the globe.
Mr Lee said: "I believe we need a new international organisation to regulate events and come up with responses. Now is the time to find common solutions to pressing global issues. We need to create a better order if necessary."
No details were given on the president's proposal, but reports have cited his top aide as saying that Mr Lee has, for a long time, believed that a new international body was needed to deal with global issues.
The South Korean president is under pressure to deal with the current economic troubles as he had promised during his presidential campaign last year that he would make the country economically stronger if he came to power.
Mr Lee was an executive of a conglomerate in South Korea. Koreans gave him the vote on the belief that his business experience would give him an advantage in dealing with the economy.
South Korea's economy is export-driven and has been hit by the slowdown in global markets.
A private think tank, Samsung Economic Research Institute, has released a report saying South Korea's economic growth is expected to slow to 3.6 per cent next year – far below an earlier forecast of 4.4 per cent.
Mr Lee has, however, stressed that the country is in a much better shape than it was during the last financial crisis more than 10 years ago.
He is expected to hold talks with his Chinese and Japanese counterparts in Beijing late next week on how to cope with the current crisis.
- CNA/so
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