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Agreement on financial reforms not likely at G8 meeting

By Du Wenjuan (chinadaily.com.cn)
Updated: 2009-07-07 10:30

Uri Dadush, Director of International Economics Program of Carnegie Endowment for International Peace, said in an interview with chinadaily.com.cn that reforms done at the level of individual countries will help perfect the surveillance mechanism for financial institutions to fight against the current crisis.

However, he doesn't see this agreement on reforms be done at the G8 or G20 meetings, though they can help. He expects more reforms coming from the European economies and praises the US efforts in putting forward some reform proposals.

Dadush says he agreed on the conclusion that lack of effective regulation and surveillance on financial institutions led to the financial crisis. And he expects possible resistance on reforms of some regimes.

"More has to be done to restrain the reckless risk-taking behavior on the part of financial instritutions and we’re moving on the right direction," he says.

Uri Dadush was in Beijing Friday for the Global Think Tank Summit as one of representatives from over 100 top-notch think tanks across the world.

Video: Christie Lee & Ren Cong

The first Global Think Tank Summit will be held in Beijing from July 2-4, where close to 100 top-notch think tanks from home and abroad will be represented, including the Brookings Institution.
Main Forum
International Financial and Economic Crisis and Global Economic Outlook
Sub-Forums
I:  Promoting Trade Liberalization and Investment Facilitation
II: Sustainable Development and Macro-economic Policies
III: Cooperation and Responsibilities of Multinationals during the Financial and Economic Crisis
IV: Global Consumption, Savings and Financial Security
V:  Idea Exchange with Global Think Tanks on Key Economic Issues
Agenda
Afternoon of July 2 - Opening Ceremony
July 3 - Main Forum
July 4 - Parallel Sub-Forums
 
Photo Gallery
 

 

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