Brazilian president calls for tougher fiscal regulations
Brazil’s president Luiz Inacio Lula da Silva has called for tougher regulations on the international financial markets to prevent a similar economic crisis in the future.
Addressing delegates at the World Economic Forum on Latin America, Mr Lula da Silva said speculators are to blame for the current turmoil, adding that a political solution is needed to bring the world out of the financial downturn.
He urged world powers to include emerging countries in the efforts ride out the recession.
"We did not create the problem, but we are part of the solution," Mr Lula da Silva asserted.
"The nationalisation of banks should not be ruled out because of mere ideological prejudices," he added, underlining the importance of resorting to protectionism.
Rio de Janeiro is currently hosting the World Economic Forum on Latin America, which involves over 500 leaders from more than 35 countries and aims to give an insight into the how the region is responding to the financial downturn.
