India-Brazil-South Africa (IBSA) Dialogue Forum, 3rd Summit Joint Declaration, New Delhi, 15 October 2008

Sectors : Financial Institutions, markets, services and microfinance, Transparency and accountability
Organisation : Other
Date made: 
Heads Of State
IBSA-3rd-Joint-Summit-New-Dehli-2008.pdf16.85 KB
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Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“33. The leaders took note of the very serious financial crisis that has spread from the United States to the European Union and has begun to impact developing countries....The leaders, therefore, stressed the need for a new international initiative to bring about structural reforms in the world’s financial system. The new initiative must take into account the fact that ethics must also apply to the economy; that the crisis would not be overcome with palliative measures and that the solutions adopted must be global and ensure the full participation of developing countries. The reform must be undertaken so as to incorporate stronger systems of multinational consultations and surveillance as an integral part. This new system must be designed to be as inclusive as possible and must be transparent.”