Developing nations call for finance reform

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