Australian Prime Minister Kevin Rudd said the world faces a repeat of the current economic turmoil unless the Group of 20 countries tackles the need for financial regulation reform.
Mr Rudd told Parliament today that he had recently written to leaders of the G20, a group of the world’s biggest economies that includes Australia, highlighting the need for further coordinated action on the current crisis.
The group will meet in Sao Paulo, Brazil, on November 8 and 9 to address the crisis.
“Unless this is coordinated through a mechanism such as the G20, our concern in Australia is once we see our way through this particular storm, if fundamental institutional reform questions are not dealt with, then in turn we face a repeat of this storm in the future,” Mr Rudd told Parliament.
As important as regulation, Mr Rudd said the G20 must reach agreement on “a coordinated global economic stimulus in the face of slowing economic growth”.