Xinhua News Agency
October 10, 2008

  • A d v e r t i s e m e n t

MEXICO CITY, Oct. 9 (Xinhua) — General Secretary of the Organization of American States (OAS) Jose Miguel Insulza called Thursday for the creation of an international financial organ to prevent economic crises from having a global influence.

A new financial system is needed to regulate the exit of investors and savers and the international financial flow, said Insulza, who attended the first meeting of American Security Ministers on Oct. 7 and 8 in Mexico City.

Insulza said the current financial organism does not work, and the circulation of money, like the flow of goods and people, must be regulated.

Referring to the spreading financial crisis from the United States, Insulza said “it is not a common cold” and all the countries are taking measures because “the things will be hard for a long time.”

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