Minister Raises Iran’s Proposals For Curbing World Financial, Monetary Crises

New York, May 19, IRNA – Iran’s Minister of Economy and Finance, Shamseddin Hosseini, on Thursday raised six proposals of Tehran for restructuring of the world economic system and curbing the ongoing financial and monetary crises. In a speech to the Thematic Debate on “The State of the World Economy and Finance in 2012”, held in the UN main headquarters, Mirhosseini offered Iran’s six proposals for tackling global monetary and financial crises. He proposed using Islamic financial systems as a legitimate substitute to current models of identifying the root causes of financial and monetary problems. He also called for decentralization and balancing interests in the global economic systems. Domination of one or several currencies over the world economic systems has no result but asymmetry of interests, nonconformity with national revenues, and so on, he noted. Fluctuations of the said currencies have no result but encouraging the spread of crises and financial and monetary instability worldwide. Under such conditions, some dangers as foreign exchange war would remain there. So the mechanism of financial settlements should be expanded, Hosseini added./end