Crisis calls for U.N. reform, BRIC nations say

Wed Oct 15, 2008 5:55am EDT
NEW DELHI (Reuters) - The leaders of India, Brazil and South Africa said on Wednesday the global credit crisis showed the need for reforming institutions such as the United Nations to reflect their growing economic clout.
All three countries have felt the pinch of a crisis that many blame on the mistakes and greed of wealthier Western nations.
"We run the risk of being victims of a financial crisis generated by rich countries. This is unjust," Brazilian President Luiz Inacio Lula da Silva told the summit of the three countries in New Delhi.
"It is inadmissible that we'll pay for the irresponsibility of speculators that transformed the world into a gigantic casino. At the same time they gave us lessons on how we should govern our countries."
"Our countries should participate more directly in international coordination to confront the financial crisis."
In Seoul, South Korean President Lee Myung-bak proposed on Wednesday a new international organization that would be mandated to address cross-border economic issues such as the current financial crisis.
Lee said the increased integration of the global village has brought greater vulnerability to what would have been isolated shocks and a surge in "unintended malicious consequences."
The presidential Blue House released few details about Lee's proposal. South Korea was the recipient of a massive bailout package from the International Monetary Fund a decade ago that came with a raft of onerous conditions.