World economy needs ‘dramatic changes’
To bounce back from fiscal crisis
By Joel Guinto
First Posted 18:31:00 03/05/2009
MANILA, Philippines — President Gloria Macapagal-Arroyo called for “dramatic changes” in the global economy for the world to bounce back from the financial crisis.
Arroyo said the world financial crisis was caused by “weaknesses” in economic governance and “excessive” financial regulation.
“Dramatic changes must be made in certain areas of the global economy. Regulation and accountability must be completely overhauled,” she said in a speech before women judges in Malacañang on Thursday.
“In fact, the irony is that this is the message of developing countries, who are calling for greater transparency for developed economies in North America and Europe,” she said.
The President said the Philippines has been successful in weathering the global crisis because of “conservative” regulations and “strict” courts.
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