ASTANA (TCA) — Speaking at the G20 summit in China’s Hangzhou on September 4, Kazakhstan President Nursultan Nazarbayev suggested establishing a Global economic regulator by transforming the Economic and Social Council of the United Nations (ECOSOC) into a Global Development Council, Novosti-Kazakhstan news agency reports with reference to Nazarbayev’s press service.
“The growth of the world economy, trade, and capital movement has been decreasing. This affects the wellbeing of millions of people. We see the formation of new transcontinental trade and investment associations capable of leading to a reduction in the role of the WTO and to fragmentation of the world economy. Such processes may become the beginning of a new phase in the struggle for spheres of influence on international markets,” Nazarbayev said.
In this regard, he spoke for the necessity of a single global organization to play the leading role in the regulation of the world economy and finance.
“Such structure could be created by transforming the Economic and Social Council of the United Nations into a Global Development Council,” the Kazakh president said. “It would perform the functions of a Global economic regulator.”
In his opinion, the current coordination of monetary and fiscal policies, and structural reforms, are important but insufficient to ensure stability in the long-term perspective. “It is necessary to develop more significant proposals for stabilization of exchange rates in the world, including developing countries,” Nazarbayev said.
The Kazakh president pointed out a new industrial revolution, digital economy, and innovations among measures capable of reviving the world economy.
