Chancellor Merkel will meet the heads of the world's five leading financial organization in Berlin. It is part of Germany's effort to drum up support for a new global regulatory system for financial markets. Merkel is expected to build on long-running calls to inject transparency in global markets to avert a repeat of the wrenching economic crisis currently engulfing the world as she meets the chiefs of the world's top financial institutions at a meeting in Berlin. The chancellor will host Pascal Lamy, director general of the World Trade Organization, World Bank president Robert Zoellick and International Monetary Fund managing director Dominique Strauss-Kahn. Also expected to attend are Angel Gurria, secretary general of the International Labour Organization and Juan Somavia, director general of the Organization for Economic Cooperation and Development. Merkel's discussions in Berlin form part of the buildup to a summit of Group of 20 leading industrialized nations and emerging economies set to take place in London on April 2.
Merkel is expected to build on long-running calls to inject transparency in global markets to avert a repeat of the wrenching economic crisis currently engulfing the world as she meets the chiefs of the world's top financial institutions at a meeting in Berlin.
The chancellor will host Pascal Lamy, director general of the World Trade Organization, World Bank president Robert Zoellick and International Monetary Fund managing director Dominique Strauss-Kahn. Also expected to attend are Angel Gurria, secretary general of the International Labour Organization and Juan Somavia, director general of the Organization for Economic Cooperation and Development.
Merkel's discussions in Berlin form part of the buildup to a summit of Group of 20 leading industrialized nations and emerging economies set to take place in London on April 2.
Germany and five major international financial and economic organizations pledged Thursday to undertake "determined and coordinated action" to fight the global economic downturn. "This is a global crisis and it needs global solutions," said a statement issued after talks between Chancellor Angela Merkel and the heads of the International Monetary Fund (IMF), World Bank, World Trade Organization (WTO), International Labour Organization (ILO) and the Organization for Economic Cooperation and Development (OECD). The meeting painted a gloomy picture of the world economy and urged countries to "resist protectionist tendencies" and "work towards tangible further opening of world trade." Participants also called for an overarching framework supported by states and international organisations that prevents excesses in the markets and works to counter future crises.
"This is a global crisis and it needs global solutions," said a statement issued after talks between Chancellor Angela Merkel and the heads of the International Monetary Fund (IMF), World Bank, World Trade Organization (WTO), International Labour Organization (ILO) and the Organization for Economic Cooperation and Development (OECD).
The meeting painted a gloomy picture of the world economy and urged countries to "resist protectionist tendencies" and "work towards tangible further opening of world trade."
Participants also called for an overarching framework supported by states and international organisations that prevents excesses in the markets and works to counter future crises.
My rates are very reasonable.... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Angel Gurria, secretary general of the International Labour Organization and Juan Somavia, director general of the Organization for Economic Cooperation and Development.
Well, it's the other way around: Angel Gurria is secretary general of the OECD, and Juan Somavia is the director general of the ILO... "Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
