"The world is facing the threat of a global financial crisis," Jean-Claude Trichet, Former President of the European Central Bank (2003-2011), and former chairman of the Bank of France (1993-2003) at the panel on "Validation of Global Governance/Future Summit" within the framework of the Global Baku Forum, APA reports.
Jean-Claude Trichet noted that we live in a fragile world today: "The decision-makers in the International Monetary Fund are the USA and European countries. 10 countries make the main decisions in the World Bank. Capital flow to the private sector should be increased, conditions should be eased. If the International Monetary Fund and the World Bank were reformed, the G20 would be a more effective platform. We must take action to prevent future crises and financial shocks. Rapid reforms should be implemented in international financial institutions. Otherwise, will we be able to prevent global financial crises? We are still too late."
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