Voicing concern over instability of global financial system, Prime Minister Manmohan Singh said on Tuesday the management of financial sector in developed economies especially the US, which has been hit by sub-prime crisis, is "less than satisfactory".
"The management of financial sector in the developed economies, especially the US, has been less than satisfactory," Singh said while addressing the annual meeting of Confederation of Indian Industries in New Delhi.
The sub-prime crisis and the recession in the US have consequences for the stability and sustainability of global growth, he added.
"The international community has been slow to come to grips with the now visible structural weakness in the functioning of the international financial system," he said.
Global financial institutions have also not played an active role in dealing with the problem and consequences of the problem. "This too requires greater consultation between the G-8 countries and the so called G5 countries."
Singh said the global response to the problem has not been adequate, and added that "India's voice must be heard on such matters. Be it the management of the world food economy, be it the management of the energy economy, be it the management of financial system or indeed be it the management of global security."
The prime minister also spoke about the poor response to the ongoing energy crisis. "I am deeply dismayed that the global response to this third energy crisis has fallen short of our expectations and compares poorly with the response to the first and the second oil crises."
