Foreign Minister Franco Frattini: Reforming the International Financial Institutions
previous
| View video in Windows Media format |  |
| View video in Quick Time format |  |
Addressing the news conference, Foreign Minister Franco Frattini discussed the main issues that the economy ministers will be examining in the course of the G8, and he dwelt in particular on the reform of the international financial institutions. Many years have gone by since the International Monetary Fund and the World Bank were first established, and Minister Frattini considers it necessary to bring them up to date. Due to the poor control over the distribution or destination of funds spent and the lack of direct channels of communication with the real economy. Frattini explained that the new global financial institutions must be subject to oversight, they must be endowed with preemptive mechanisms, and they must include a World Bank capable of disbursing funds in accordance with transparent procedures.
