The global financial crisis revealed major shortcomings in the system of institutional and regulatory governance.
To move beyond the crisis, it will be necessary to improve current structures and develop a more fair and efficient structure of global governance that reflects changes in the global political and economic landscape.
The principle of equal participation and inclusive cooperation should be followed in improving global governance. It is imperative to raise the voice and representation of developing countries.
It has become a consensus of all parties to improve current structures and develop a more fair and efficient structure of global governance. In terms of financial governance, we should draw lessons from this financial crisis and learn from our experience in tackling it. We need to reform international financial institutions, tighten global financial regulation, and put in place regional financial assistance mechanisms.
Accountability and discipline on the part of global reserve currency issuers should be strengthened. In this way, financial stability and economic development of the world will be achieved.