PM highlights potential contribution to crisis summit

28th October 2008, Comments 0 comments

Spanish Prime Minister José Luis Rodríguez Zapatero argues before Socialist officials on why Spain should be given special treatment and be involved in the November summit.

28 October 2008

MADRID - Prime Minister José Luis Rodríguez Zapatero on Monday laid out his case as to why Spain should be given special treatment and allowed to participate in a forthcoming meeting of the G20 group of wealthy and major industrialising nations to "reform" the global financial system.

Speaking before Socialist officials in Madrid, the prime minister argued that Spain should be present in Washington on 15 November not just because it is the world's eighth-largest economy and has a financial system relatively unscathed by the current crisis, but also because it has important "ideological" contributions to make.

Participants in the closed-door meeting said Zapatero announced support for a profound change in the current financial model that would rely on greater regulation and transparency to protect the interests of citizens.

He also expressed fear that some G20 countries may seek to block deep reform and will only pay lip service to the need to "democratise" the financial system.

Zapatero's pleas to be allowed to participate in the talks have been backed by several G20 countries, among them G20 members Brazil and the United Kingdom.

So far the United States, the host country, has offered no indication that it plans to make an exception. Zapatero will have the chance to participate in a preparatory meeting of EU leaders on 7 November, where he said he intends to press for the creation of an economic government for the European Union.

[El Pais / Expatica]

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