Nasser Saidi says Gulf states need FSB role, G-8 'obsolete'
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Thu June 25, 2009 6:26 pm

INTERNATIONAL. Dubai International Financial Centre Chief Economist Nasser Saidi said the Group of Eight (G-8) is an “obsolete” forum and called for a greater role for Gulf countries in global decision-making.

“The GCC should have strengthened representation on the Financial Stability Board (FSB),” Saidi said at a conference in London today. Gulf Cooperation Countries should translate financial strength “into a more prominent role on the world stage,” he said.

The Group of 20 has overshadowed the G-8 in the revamp of global regulation following the worst financial crisis since the Great Depression. The FSB, comprised of central bankers, finance ministers and regulators from G-20 countries, has been elevated to a global supervisory role with more members from countries including China, India and Saudi Arabia.

At the London summit in April, the FSB gained new powers to outline global financial regulations and took on an oversight role, together with the International Monetary Fund, to look at market risks. G-8 leaders will meet in Italy in July.

Saidi today outlined a four-pronged plan to “redefine and redesign” the relationship between the GCC and London, including a louder voice in decision-making for Gulf countries.

He repeated calls for a development and restructuring bank for the Middle East, which he said would aid geo-political stability in the region.

Saidi also called for more sophisticated debt markets that can trade both conventional instruments and those that are compliant with Islamic law, which prohibits the use of interest payments. Sharia-compliant products should be integrated into the western financial system, he said.

 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 25, 2014
QATAR. Real GDP growth slowed to 7.3% in Q3 2014; However, the days of voracious Chinese demand driving up global commodity prices are probably over.
date:Posted: October 25, 2014
UAE. "When the system collapses, it is not the end of the world. It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game." ICA Conference in Dubai to address lessons from global economic crisis.
date:Posted: October 23, 2014
UAE. Deflationary reading of data endangers risky assets; Global cues drive GCC markets; Growth scare unsettles investors; Extreme bearishness on oil may be overdone.
UAE. "When the system collapses, it is not the end of the world. It simply means that the major trading and financial powers in the world come together in a conference to write new rules of the game." ICA Conference in Dubai to address lessons from global economic crisis.
dhgate