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Minister: World Financial Bodies Weak in Handling Economic Crises

Iranian Minister of Economic Affairs and Finance Shamseddin Hosseini blamed the world financial and monetary bodies for their weak performance, saying that these centers have proved vulnerable to global financial crises.

“The principle, architecture and management of the world financial and monetary bodies are vulnerable and lack the necessary strength to prevent and overcome the financial crises,” Hosseini said, addressing the 67th IMF-World Bank Annual Meeting in Tokyo on Saturday.

“Domination over financial-monetary architecture and domination of a number of currencies over the world economies have become problematic,” Hosseini said.

He further criticized the domination of political motivations and policies over the world economy, and said such a domination will bear no fruit but instability.

The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world’s financial system.

The meeting is underway in Tokyo, October 9-14, 2012.

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