Australian Prime Minister Kevin Rudd called for the establishment of a financial market reform program to prevent future financial crisis, Australian Associated Press reported on Thursday.
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Australian Prime Minister Kevin Rudd speaks during the general debate of the 64th session of the UN General Assembly at the UN headquarters in New York, the United States, Sept. 23, 2009
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Addressing the United Nations General Assembly in New York, Rudd also urged for international agreement on when and how to withdraw emergency economic measures.
"Most critically, we must articulate a new framework for sustainable future economic growth," he said.
"A framework that doesn't simply return to business as usual based on unsustainable financial imbalances, excessive consumption fueled by consumer and corporate debt and irresponsible risk-taking in systematically significant financial institutions."
The G20 had injected 5.5 trillion Australian dollars (4.8 trillion U.S. dollars) worth of fiscal stimulus to directly stabilize the global financial system.
"While our global economic system failed comprehensively to prevent this crisis, the G20 governments have rallied to reduce the damage and prevent systemic collapse," he was quoted by the report as saying.
Rudd also said the global financial crisis was not yet over. "Recovery is far from certain and many twists and turns lie ahead."
He indicated the establishment of the Financial Stability Board by G20 forum is a "comprehensive financial markets reform program"./.