Sarkozy pledge to developing nations

FRENCH President Nicolas Sarkozy has said he wants to work with Russia to give developing nations a larger say in how to regulate the global economy.

Global financial institutions such as the World Bank and International Monetary Fund, created at the Bretton Woods conference in New Hampshire 1944, are outdated and must be replaced, Sarkozy told an economic forum in St Petersburg hosted by Russian president Dmitry Medvedev.

“We all need to think about the foundations for a new international financial system. We’ve been based on the Bretton Woods institutions of 1945, when our American friends were the only superpower,” he said. “My question is: Are we still in 1945? The answer here is, ‘no’.”