Just thought I’d share this. It’s not very often I hear about the Philippine president speak her mind about G20 or reform in the financial system.
Philippine President Gloria Arroyo said it’s too early for the U.S. and other industrialized nations to consider unwinding measures introduced to fight the credit crunch and called for regulatory reforms.
The Group of 20 have to reverse the “lack of values that led to the collapse, the unnecessary risk-taking in financial instruments and the fact that the financial system is so interdependent,” Arroyo said in a Bloomberg News interview in London today. “They have to prevent such contagion or inoculate the global system against this.”
Well, if reform can’t come soon enough, then maybe exit strategies are the better focus.