Millennium Post

World speculative capital flows need better regulation: India

India has called for timely reform of global financial institutions, saying it will give 'real voice' and participation to developing countries.
Addressing a United Nations General Assembly  (UNGA) session here on International Financial System and Development on Wednesday, visiting Member of Parliament and senior Congress leader M Krishnasswamy said that improved regulation of speculative financial flows, better exchange-rate management, preventing global imbalances and promoting policy coordination must be prioritised.

'A renewed global partnership must address systemic issues including reform of the institutions of global economic governance and the international financial architecture. We need reform of the global financial institutions to give real voice and participation to developing countries,' he said.

He stressed that an early completion of the Doha development round of the World Trade Organisation (WTO) and elimination of trade distorting measures including agricultural subsidies in developed countries remain equally critical.

Krishnasswamy said that the ambition of the post-2015 development agenda needs to be 'matched' by the ambition of the global partnership to support it.

'At present, our collective ambition to craft a transformative agenda for the Post-2015 period does not seem to be matched by our commitment for mobilising enhanced resources and for an enabling global environment conducive for this agenda,' he added.

He said that in the post-2015 period, development cooperation would have to involve more than merely providing development finance to a genuine effort at creating a global system conducive to development itself.

'We must ensure comprehensive financing framework for the Post-2015 Development Agenda based on the principles and commitments enshrined in the Monterrey Consensus and the Doha Declaration,' he said.
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