New Delhi, Mar 29 (ANI): BRICS countries, which comprise the emerging economic powerhouses of Brazil, Russia, India, China and South Africa, on Thursday xpressed concern over the excess liquidity in the global financial system caused by the policies of the rich world.
"Excessive liquidity from the aggressive policy actions taken by central banks to stabilise their domestic economies have been spilling over into emerging market economies, fostering excessive volatility in capital flows and commodity prices," the BRICS leaders said in a joint declaration.
"The immediate priority at hand is to restore market confidence and get global growth back on track. We will work with the international community to ensure international policy coordination to maintain macroeconomic stability conducive to the healthy recovery of the global economy," they added.
They further said: "We believe that it is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs."
" We draw attention to the risks of large and volatile cross-border capital flows being faced by the emerging economies. We call for further international financial regulatory oversight and reform, strengthening policy coordination and financial regulation and supervision cooperation, and promoting the sound development of global financial markets and banking systems," they added.
Recognizing the importance of the global financial architecture in maintaining the stability and integrity of the global monetary and financial system, they said: " We therefore call for a more representative international financial architecture, with an increase in the voice and representation of developing countries and the establishment and improvement of a just international monetary system that can serve the interests of all countries and support the development of emerging and developing economies.
"Moreover, these economies having experienced broad-based growth are now significant contributors to global recovery," they added. (ANI)
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