Industrialized countries should monitor their financial systems

11-03-2008 | MARIJULIA PUJOL LLOYD

mpujolstar@laestrella.com.pa

Heads of state ask for better financial regulation during summit

Panama Star SAN SALVADOR, EL SALVADOR. Presidents and head of states asked to the industrialized countries to put in place regulations and better monitoring mechanisms in their financial systems to avoid a repetition of the crisis that is currently affecting the world.

During the XVIII Iberian-American Summit that is taking place in El Salvador, whose main subject was “Youth and Development,” the head of states discussed the measures that should be put in place at a regional level to lessen the impact of the international financial crisis.

The Panamanian Foreign Affairs Minister, Samuel Lewis Navarro said that Third World Countries, on occasion can make demands on the industrialized countries such as the implementation of regulation on the financial systems, because “they have clearly failed in avoiding a financial crisis.”

With regards to education, he added that the summit highlighted the importance that it has for the youth as a tool for the development of countries, especially with regards to employment training programs and the creation of opportunities. “The youth are our future,” said Navarro.