UN Secretary General offers host financial summit
UN Secretary General Ban Ki-moon offered on Saturday to host an emergency expanded G8 summit at the United Nations headquarters to discuss the global financial crisis.
By Agencies |
QUEBEC CITY: UN Secretary General Ban Ki-moon offered on Saturday to host an emergency expanded G8 summit at the United Nations headquarters to discuss the global financial crisis.
Ban issued a statement backing French President Nicolas Sarkozy's recent appeal for world leaders to act collectively to address the economic meltdown by holding a summit of major economic powers by December.
Ban and Sarkozy met in Quebec City on the sidelines of a summit of French-speaking nations. Sarkozy cut short his stay at the three-day Francophone meeting to discuss plans for such a summit Saturday afternoon with U.S. President George W. Bush at the presidential retreat in Camp David, Maryland.
``I strongly believe that holding the summit at the United Nations, the symbol of multilateralism, will lend universal legitimacy to this endeavor and demonstrate a collective will to face this serious global challenge,'' said Ban.
Sarkozy said Friday that the world's financial system needs to be overhauled so that it can be better supervised in the wake of the crisis.
ADVERTISEMENT
``Together we need to rebuild a capitalism that is more respectful to man, more respectful to the planet, more respectful to future generations and be finished with a capitalism obsessed by the frantic search for short-term profit,'' Sarkozy said in an address to the Organisation International de la Francophonie during the opening ceremony of the summit Friday night. Along with the economic crisis, Canada and the European Union have also been talking about stronger economic co-operation through a potential Canada-EU trade pact.
Officials have said that the agreement would allow for Canadian and European workers to work in each other's regions and allow for EU and Canadian companies to bid on government procurements.
Canadian Prime Minister Stephen Harper, who is also attending the summit, said that Canada and the EU plan to launch negotiations on an economic partnership as soon as possible in 2009.
ADVERTISEMENT
The possibility of a broad agreement follows a Canada-EU joint study launched in Berlin last year and released earlier this week that recommends a more comprehensive economic plan for both parties. Leaders of French-speaking nations, attending the summit which ends Sunday, are discussing the financial crisis, climate change, human rights and the French language.
ADVERTISEMENT
The 12th annual La Francophonie is being attended this year by representatives of 55 member countries and 13 observer nations. Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
