All countries should define reform

[NewsWhore]

Dominican President Leonel Fernandez has called on all countries, not just the Group of 20, to take part in reforming the international financial system, which must be "fairer and more equal" and to fight the speculators. Fernandez, who is attending the first session of the Biarritz Forum in France, stressed that the new international financial system should include all countries, in a criticism of the make up of the Washington summit on 15 November, which will bring together the G20, the seven richest countries in the world and some of the larger emerging economies. The Dominican president launched a diatribe against the phenomenon of speculation that, in his view, was behind the food and energy crises that have developed lately, and which he said have caused "an immense and incalculable amount of damage on the economies of the nations" and "suffering" for their citizens. Above all he warned, "We are at risk of seeing the return of these phenomena in the not too distant future." Since the same speculative mechanisms were used to create the mortgage crisis in the United States, which then became a financial crisis, this crisis, he warned, "cannot be overlooked, it is the general lack of confidence" in the system that appears to be a "casino economy." The Biarritz Forum is in its ninth session and its purpose is to debate issues related to relations between Europe and Latin America. Over 700 people are attending the forum, including eight former presidents and half a dozen ministers and parliamentary leaders from both sides of the Atlantic.

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