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).
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.