G-20 panel presses for global financial reform

The G-20 Eminent Persons Group on Global Financial Governance is chaired by Singapore Deputy Prime Minister Tharman Shanmugaratnam.
The G-20 Eminent Persons Group on Global Financial Governance is chaired by Singapore Deputy Prime Minister Tharman Shanmugaratnam.PHOTO: ST FILE

A range of reforms are needed to reset the global financial system and make it work better, a Group of 20 (G-20) panel has said in a report.

The G-20 Eminent Persons Group on Global Financial Governance, chaired by Singapore Deputy Prime Minister Tharman Shanmugaratnam, called for strengthening public finances, encouraging private investment, and tapping non-governmental organisations and philanthropic networks, among others.

"We now have to reset international governance for a multi-polar world - not because we have been failing, but because we have succeeded," Mr Tharman said.

The coming decade will be crucial as more people are set to reach working age in the developing world than before, but the world is not yet prepared in terms of job creation, he noted yesterday.

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A version of this article appeared in the print edition of The Straits Times on October 13, 2018, with the headline 'G-20 panel presses for global financial reform'. Print Edition | Subscribe