LAC should have greater role in international monetary system, says UN agency

- Tuesday, October 25, 2011

LAC should have greater role in international monetary system, says UN agency

The executive secretary of the UN Economic Commission for Latin America and the Caribbean (Eclac), Alicia Bárcena, has called on decision-makers in the region to participate more in the debate over the future of the international monetary system, according to a statement from the entity.

"We must form new visions of a global - and in particular, regional - financial structure to deal with international crises more effectively," she said. This could be carried out by strengthening regional development bank CAF's Latin American Reserve Fund, or by creating a new regional fund, she said.

The call was made during a meeting in Montevideo, Uruguay, organized by the Latin American Integration Association (ALADI).

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The meeting's goal was to reach a common regional position for the next G20 Summit on November 3-4 in Cannes, France.

Argentina, Brazil and Mexico are the only Latin American countries that belong to the G20, which on this occasion will discuss the European financial crisis and how to achieve a more inclusive financial system.