March 24th, 2009 in Breaking News, New World Disorder

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German President calls for new financial order

News | Reuters.

BERLIN, March 24 (Reuters) - German President and former International Monetary Fund chief Horst Koehler urged countries on Tuesday to agree on a new financial order and to more than double their funding for the IMF.

“I stand by my suggestion of organising a Bretton Woods II under the auspices of the United Nations to push forward a fundamental reform of the international economic and financial system,” Koehler said in a high-profile annual speech in Berlin which focused on the financial crisis.

In 1944, the Bretton Woods conference helped draw up a post-war financial system and created the IMF and World Bank.

Koehler also said members of the European Union should bundle their interests in their representation at the World Bank and IMF, adding that the two bodies — which help states facing a weak financial situation — were under-funded.

“There seems to be a consensus emerging to double the IMF’s financing. That is good. More would be better,” he said.