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| Thomas made the call while addressing The Commonwealth Business Forum ahead of the Commonwealth Heads of Government Meeting, which opens officially in Trinidad tomorrow. | |
PORT OF SPAIN, Trinidad, November 26, 2009 - Grenada's Prime Minister Tillman Thomas wants the Commonwealth and the Americas to embark upon a more prominent role in the reforming and restructuring of the global financial system.
Thomas made the call while addressing The Commonwealth Business Forum ahead of the Commonwealth Heads of Government Meeting, which opens officially in Trinidad tomorrow.
He noted that with the Commonwealth nations accounting for 30 percent of the world's population and 25 percent of its international trade, the time has come for greater collaboration and cooperation between the Commonwealth and the Americas.
"We believe there is a need for a new financial architecture with a stronger regulatory framework in order to protect our global societies and secure a better future," said Thomas, while adding that the global economy needs better surveillance and monitoring mechanisms to identify potential economic and financial threats.
He said this new approach must address the fundamental imbalances and failures in the global economy as well as the food, employment, health, shelter, development, social and environmental deficits which preceded this crisis.
The Grenadian Prime Minister called on the Commonwealth and the Americas to play a leading role in helping small, open and highly indebted countries, such as Grenada, to cope with the present and unfolding global economic crisis
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