Conference on future of Capitalism provides platform for luminaries to offer globalization as economic savior
The leaders of Germany and France along with former British Prime Minister Tony Blair have all called for a new global order in the wake of the financial crisis.
Blair, German Chancellor Angela Merkel and French President Nicolas Sarkozy all made the tandem appeal at a conference in Paris on the future of capitalism.
Merkel criticized what she described as a lack of regulatory powers afforded to global bodies such as the IMF, stating that it has “not managed to regulate global capitalism”.
The German leader called for the creation of a new global economic body under the UN, similar to the Security Council, to judge government policy.
Merkel also criticized the US budget deficit and attempts by the US federal government to spend its way out of the crisis, but then stated that “there is no other possibility.”
Sarkozy called for a “new world, new capitalism” during his speech, as he commented “In capitalism of the 21st century, there is room for the state.”
Meanwhile, Blair called for a new financial order which he said should be constructed upon “values other than the maximum short-term profit.”
Both Sarkozy and Merkel have previously called for a new global financial order, along with Top EU officials and current British Prime minister Gordon Brown, who has repeatedly stated that the financial crisis should be used to make world leaders agree to fresh rules and regulations.
The leaders will meet again, along with a host of other world chieftains, to discuss the global economy in London on April 2.