Business | General
G8 outdated outdated, says Sarkozy
French President Nicolas Sarkozy told a UN aid summit on Saturday that the Group of Eight major industrialised nations has become outdated and any solution to the financial crisis must include China, India, Brazil and other emerging states.
- Agencies
- Published: 18:08 November 29, 2008
Doha: French President Nicolas Sarkozy told a UN aid summit on Saturday that the Group of Eight major industrialised nations has become outdated and any solution to the financial crisis must include China, India, Brazil and other emerging states.
Sarkozy, who holds the presidency of the European Union, said the crisis should not supersede poor countries' needs.
"Because of this crisis we could adopt two attitudes: business as usual (or) make this an opportunity to change the world, to change the global financial system," he said.
"We think that within the IMF, the developing countries must have a seat and a much more important role to play," he said.
"We believe that the G8 format that was once useful is now obsolete".
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