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November 14, 2008 15:38 IST
Laying down the agenda for this weekend's meeting of G-20 in Washington, US President George W Bush said on Friday it would consider reforming financial and regulatory systems and would build foundations to prevent a financial crisis in future.
The leaders will charge their finance ministers to prepare recommendations for consideration at the future summit level meetings, he said, asserting that the issues connected with global crisis cannot be resolved at a single such gathering.
At the same time, Bush rejected protectionism or greater government control as the solution to the crisis and stoutly defended free market, capitalism and democracy, maintaining that these elements are most important for the progress of the nations as also the world.
Addressing financial experts at the Wall Street, he made a strong pitch for reform of the world financial institutions including the World Bank and the International Monetary Fund to reflect the current realities.
In a strong support to the views of India and other developing countries, Bush called for extending greater voting power to 'dynamic' developing nations and asked these institutions to streamline their executive boards to make them more representative.
India along with other developing countries has long been advocating more say in the decision-making process of these institutions to reflect their viewpoints.
Bush also supported another argument of the developing nations that the financial institutions should ensure that its development programme reflect the priorities of the people they are designed to serve.
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