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European Leaders Call For New Global Order
Conference on future of Capitalism provides platform for
luminaries to offer globalization as economic savior
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The leaders of Germany and France along with former British Prime
Minister Tony Blair have all called for a new global order in
the wake of the financial crisis.
Blair, German Chancellor Angela Merkel and French
President Nicolas Sarkozy all made
the tandem appeal at a conference in Paris on the
future of capitalism.
Merkel criticized what she described as a lack of
regulatory powers afforded to global bodies such as the IMF, stating
that it has "not managed to regulate global capitalism".
The German leader called for the creation of a new
global economic body under the UN, similar to the Security Council,
to judge government policy.
Merkel also criticized the US budget deficit and
attempts by the US federal government to spend its way out of
the crisis, but then stated that "there is no other possibility."
(Article continues below)
Sarkozy called for a "new world, new capitalism"
during his speech, as he commented "In capitalism
of the 21st century, there is room for the state."
Meanwhile, Blair called for a new financial order which he said
should be constructed upon "values other than the maximum
short-term profit."
Both Sarkozy and Merkel have
previously called for a new global financial order,
along with Top EU
officials and current British Prime minister Gordon
Brown, who has repeatedly stated that the financial
crisis should be used to make world leaders agree to fresh rules
and regulations.
The leaders will meet again, along with a host of
other world chieftains, to discuss the global economy in London
on April 2.
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