UNITED NATIONS: UN chief Ban Ki-moon on Friday joined chief executives of key UN institutions in calling for a meaningful and well-coordinated reform of the international financial system. Participants at Friday's UN summit said that "the market and regulatory failures that have led to this (financial) crisis must be addressed as a matter of urgency" when leaders of 20 industrialized and emerging powers meet in Washington November 15. "We reaffirm the need for meaningful, comprehensive and well-coordinated reform of the international financial system and pledge our support to this end," they said in a joint statement.They also urged rich countries to strengthen their commitments on official development assistance to poor nations and called for a successful conclusion to the Doha Round of trade liberalization talks. "A healthy, open and rule-based trading system is essential to maintaining long-term economic growth to the benefit of all," they added. The Doha Round was launched in the Qatari capital in 2001 with the aim of liberalizing trade rules for the benefit of developing countries. But a summit in July collapsed over a disagreement on tariffs between the United States and India.
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