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BRIC countries demand more say in financial system reform

(Xinhua)
Updated: 2009-03-15 09:24

HORSHAM, Britain -- The BRIC nations at a meeting of finance ministers and central bank governors of the G20 countries called for more say in the reform of the international financial system.

The BRIC countries -- Brazil, Russia, India and China -- issued the call in a statement Saturday after the second meeting of their finance ministers on the eve of the G20 summit in London.

The statement welcomed a decision to broaden the membership of the Financial Stability Forum (FSF) and invited as new members the G20 countries that are not currently in the FSF.

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The BRIC nations also welcomed the expansion of the Basle Committee on Banking Supervision and said the International Accounting Standards Board and other standard setting bodies also need to become more representative.

The BRIC ministers agreed that stabilization of the international financial system through recapitalization, liquidity support and cleaning of bank balance sheets is a priority.

The BRIC countries are taking measures to promote domestic demand in their national economies and will continue to do so, the statement said.

"We should avoid protectionism of all kinds and not allow to act as a disruptive force to the global economy," the BRIC statement said

The ministers firmly support suggestions discussed within the G20 working groups to intensify supervision of hedge funds and private pools of capital that had inflicted a significant impact on global markets.