Emerging economies have right to have their say

The 41st World Economic Forum opened on Wednesday in Davos. The business paper Cinco Días sees radical change ahead in international economic policy: "Regarding global governance Davos highlights the fact that the emerging economies must be accorded a status appropriate to their influence in global politics. Replacing the G8 (industrialised nations) with the G20 (including emerging nations) as an instrument of international coordination is a first step but won't suffice. Their economic contribution to the International Monetary Fund and other international institutions demands that they be given more power in decision-making processes. The times when the developed countries lent money to the poor countries in exchange for great economic sacrifices have come to an end. As surprising as it may seem, it is now the newly industrialised countries that are lending money to the rich, and therefore have the right to stipulate the conditions."

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