In wake of the global economic crises, India has strongly favoured a change in financial regulatory systems while advocating that developing countries have options to chose from available policy interventions in dealing with similar situations.
India also pitched in for the new financial regulatory systems to encourage highest standards of business conduct and compliance with closer official scrutiny.
"The financial crisis has sent a message for change in financial regulatory systems," Union Power Minister Sushilkumar Shinde said during the General Debate of the Second Committee in United Nations on Monday.
"In crafting new approaches to financial regulation we must take into account its international dimension. New regulatory regimes should encourage the highest standards of business conduct and compliance and go hand-in-hand with closer official scrutiny," he said.
Shinde pointed out that the developed countries have the luxury of trying out a variety of tools at their disposal to address financial problems and developing countries too should have a choice to select from such policy tools.
"This policy space is not being sought in order to renege on international commitments, but to ensure that, when faced with crises, all possible mechanisms are available to developing countries as they make a choice as to the one most relevant to their particular situation," he said.
Shinde called for a review of Bretton Woods institutions and demanded greater participation of developing countries in such an exercise.
The UN must regain its traditional role in guiding international economic policy, the minister said.
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