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[2008-10-10] Commonwealth Ministers Want Financial Markets Regulated
COMMONWEALTH finance ministers want global participation in the designing of a regulatory response to the financial market crisis.
In a communiqué issued at the conclusion of a three-day meeting held from October 6 to 8 in the Caribbean island of St. Lucia, the ministers stressed the need for strengthening of global regulation, improved risk management and more prudent multilateral surveillance in improving the financial markets.
"We need cooperation regarding coordinated policy and regulatory action so that it is not a situation where each region takes a different course of action. There is need for political will to take action that will bring stability," Stephenson King Premier, the finance minister of St. Lucia who read the communiqué, said.
However, the ministers did not explain how this approach would be actualised.
They also pointed out the failure of the International Monetary Fund's surveillance in the current financial crisis.
