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Multilateral system needs fundamental overhaul – Zoellick

07 October 2008

World Bank group president says global financial crisis is pushing many developing countries towards a 'tipping point'.

Read more: world bank zoellick international trade global finance G7 G14 emerging markets developing developed

The way the world tries to solve its economic problems needs to be rethought amid today's global crisis, including turning the Group of Seven into a steering group that empowers rising economic states, said World Bank Group President Robert Zoellick.

Referring to the upcoming US election, Zoellick says the new president will have to move beyond "the firefight of financial stabilisation" to address the "economic aftermath". Whoever wins the White House should work with others in modernising the multilateral system as there needs to be a greater shared responsibility for the health and effective functioning of today's global economy.

"The G-7 is not working.  We need a better group for a different time," Zoellick said in a speech to the Peterson...

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