Speaking at a meeting of the UN Social and Economic Council in New York on Monday, Slovenian Finance Minister Andrej Bajuk called for adequate measures for prevention of crisis similar to the current one, and for the strengthening of the role of the International Monetary Fund (IMF) with reforms.
Addressing the meeting on the behalf of the EU, Bajuk said there was no doubt that global financial stability was a precondition for sustainable growth and higher living standard, that was why it was in the interest of all to learn something from the current crisis and take adequate steps.
Bajuk also called for more control over the functioning of financial institutions, more transparency of their work, more market discipline and early issuing of warnings. Regarding the latter, it would be necessary to strengthen the IMF's role, he noted.
In his opinion, international cooperation is necessary for taking all the steps.
Bajuk also welcomed the quota and voice reform that the IMF adopted at its spring meetings, which gave somewhat more power in decision making to less developed countries.
Bajuk stopped in New York after attending the spring meeting of the IMF and the World Bank in Washington last weekend.
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