Brazilian President Luiz Inacio Lula da Silva has called for the reform of multilateral institutions to enable them to prevent a future financial crisis.
In a speech Tuesday before the U.N. General Assembly, Mr. da Silva said financial, food, energy, environmental and migratory crises reveal the multilateral system must be overhauled to meet 21st Century challenges.
The Brazilian leader said today's international economic institutions such as the International Monetary Fund, World Bank and World Trade Organization lack the authority and tools needed to stop what he called the "anarchy of speculation."
He said only decisive actions by governments, especially in countries at the center of the crises, will be able to control the disorder that has spread through the world's financial sector.
Argentine President Cristina Fernandez de Kirchner also addressed the General Assembly Tuesday.
Mr. da Silva also linked the rise of global food prices to increased oil prices. He said Brazil's use of sugar cane ethanol and biodiesel fuels reduce its dependency on fossil fuels, create jobs, regenerate degraded land, and are compatible with increased food production.
Some information for this report was provided by AFP.