Developing nations call for finance reform

Published by rudy Date posted on April 23, 2010

WASHINGTON – Delaying financial reform could put the global economic recovery at risk, a group of 24 developing nations warned on Thursday as they called for “vigorous” implementation of reforms.

Ministers from the G24, which includes the emerging economic powers of Brazil and India, made the call as they met in Washington on the margins of the International Monetary Fund and World Bank’s annual spring meeting.

“Any delay in reforming financial regulation to address the weaknesses that have led to the crisis could jeopardize the recovery,” the ministers said in a communiqué.

After a collapse in exotic sub-prime assets plunged the world into the biggest economic meltdown since World War II, many governments are now moving to rein in the financial sector.

“Sustaining economy recovery against this backdrop will require concerted and cooperative actions,” the G24 said urging joint action.

Their call came as President Barack Obama chastised Wall Street for rampant greed, but urged finance barons not to block his regulatory reforms, warning of new economic meltdowns if his overhaul fails.

Visiting Wall Street – the epicenter of the global meltdown –Obama called on company bosses to help pass sweeping financial reform that many believe will hit their bottom line.

“I’m here today specifically, when I speak to the titans of industry here, because I want to urge you to join us instead of fighting us in this effort,” Obama said. –Agence France-Presse

April 2025

World Day for Safety and Health at Work
“Safety and health at work every day!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

Monthly Observances:

March – Women’s Role in History Month
April – Month of Planet Earth

Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week

Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work

Trade Union Solidarity Campaigns

No to Trafficking

Jobs! Jobs! Jobs!

Categories