Politicians call for global coordination in solving economic issues(2)

We need to work together to deal with new economic challenges

"Global challenges cannot be solved with individual groups. We need to work together. It's absolutely necessary to revise the traditional principles and rules. We are living in a very interdependent and interconnected world. And the current financial crisis has clearly showed us our venerability. That's why to resolve the sustainability issues we need to take efficient actions together," said Petar Stoyanov.

"All of us should focus on the reduction of inequality and the eradication of poverty. The world can't be harmonious and abundant when there are such serious problems in the world. To solve all these problems we need to move in two directions. Firstly maximize the use of economic development and avoid new significant economic shocks. Secondly, there is a need to develop a world map to eradicate poverty, providing large scale tools in developing human capital in the poorest countries of Africa and Asia," said Nursultan Nazarbayev.

"Our awareness is not enough. What we really need is a commitment to resolve issues, quickly and together. International coordination is vital to reduce the impact of the risks on the global economy. Key economies must communicate their intentions early and effectively to prevent excessive market volatility. Those with high fiscal deficits and debuts need measures to adjust strategies. And developing economies must strengthen their fiscal, monetary and policy positions to enhance their resilience," said Najib Razak.

"In this case I believe other economies can learn from Asia's experience. After the world financial crisis in 1997 Asia made deep, structural and financial reforms in order to be resilient to external shocks. These reforms have left us with better fundamentals: more diversified financial markets and world capitalized financial institutions with more flexibility that can rebound better and more quickly from the global financial crisis. As Asia's population and economy grow we must take a more prominent role in shaping the global financial architecture not only for our citizens but for the rest of the world," said Najib Razak.