Governments have failed to fix the sources of the economic crisis and will need radical new mechanisms for international co-ordination to solve them, participants at the World Economic Forum’s (WEF) meeting in Dubai said yesterday.
The WEF’s three-day Summit on the Global Agenda ended yesterday with a series of recommendations. Among them were: expanding alternatives to the dollar as the world’s reserve currency; strengthening international oversight of the financial industry; and creating global agencies to monitor financial risks and other threats including weapons of mass destruction, climate change and pandemics.
“We’ve got global economics but local politics,” said Mark Malloch-Brown, a senior adviser at the WEF, which is based in Geneva. “We need to globalise the way we deal with humanity’s challenges and difficulties.”
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