The Brazilian head of state defended the need to review financial regulations and policies that, in his opinion, “disproportionately affect developing countries.”
The Brazilian president, Lula da Silva, called this Monday to the members of the G20 to change international institutionsas did the UN Security Council, and stated that “”Neoliberal globalization has failed.”.
“The inaction of the Security Council has itself been a threat to international peace and security. The indiscriminate use of the veto makes the organization hostage to the five permanent members,” said the Brazilian Head of State, during the opening of the leaders’ session on the reform of international institutions.
“Global stability depends on more representative institutions. The plurality of voices works as a vector of balance”he stressed.
The Brazilian head of state defended the need to review financial regulations and policies that, in his opinion, “disproportionately affect developing countries.”
“The external debt service of African countries is greater than the resources they have to finance their infrastructure, health and education,” criticized Lula da Silva.
In that way, Lula da Silva once again called for the creation of a global tax on the super-richciting data commissioned by the Brazilian Government from the French economist Gabriel Zucmane, which indicates that, if the approximately 3,300 billionaires in the world paid the equivalent of 2% of their wealth in taxes, they could collect it annually between 200 and 250 billion dollars.
The President of Brazil recalled the global financial crisis of 2008 and stated that “the reformist impulse was insufficient to correct the excesses of market deregulation and the apology of the minimal State.”
“Then, We choose to save banks instead of helping people. The decision was made to help the private sector instead of strengthening the State. “It was decided to prioritize central economies instead of supporting developing countries,” he criticized.
“Neoliberal globalization has failed”he said, once again calling for changes in international institutions.
Lula da Silva has called for the presence of countries from the so-called Global South in the UN Security Council and reforms of financial institutions such as the World Bank, the International Monetary Fund and the World Trade Organization (WTO).
In addition to the representatives of the full member countries of the group, plus the European Union and the African Union, in Rio de Janeiro there are representatives of 55 countries or international organizations, among them Portugal – a country invited by Brazil -, represented by the first minister, Luís Montenegro, Angola, represented by its President, João Lourenço, and the Community of Portuguese Language Countries.
The G20 is made up of the world’s main economies. Brazil’s presidency ends at the end of the month, moving to South Africa in December.
Source: Observadora
