英语文摘:Trichet calls for strengthening global governance amid recovery

"Another shortcoming that needs to be addressed for the future was the insufficient orientation of macroeconomic policies towards medium-term stability and sustainability. This led to the build-up of unsustainable external imbalances between deficit and surplus economies prior to the crisis," he added.

Although warnings had been voiced, including by the IMF, about the risks of a disorderly adjustment, there was no effective mechanism to influence macroeconomic and structural policies in key countries where those policies appeared unsustainable from the standpoint of global economic and financial stability.

"We have seen the crisis has driven a historic change in the framework of global governance," Trichet said.

"There are two immediate reasons for this change," explained the president. The emerging economies are now economically and financially so important and systemically so influential that they must have a full and proper ownership of global governance.

Meanwhile, "the industrialized countries have proven particularly clumsy in their handling of global finance before the crisis at the time when their responsibility in global governance was obviously overwhelming. There was therefore no reason to confirm their exclusive prime responsibility," added Trichet

"This calls for the industrialized countries to be now particularly irreproachable in the delivery of their present and future contribution to the stability and prosperity of the global economy within the new, more inclusive framework," he concluded.

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