Rcent events in Europe, most notably the Greek crisis, suggest that the members of the EU will be intensely engaged in the next few years in reforming their own financial system, which is leading to a bnaking union gradually, but without the essential steps yet in place to begin a fiscal union. Without the latter, the euro and ECB will continue to face renewed crises when countries in Europe face debt problems.

European regionalism will force , developing countries to also develop their own safeguards from a debt, monetary and banking perspective, as the paper by Ugarteche suggests.

In this regards, I think that the double pronged approach by Oscar Ugarteche is correct.

On the one hand to use the G 20 to increase developing country influence over policies and personnel of the IMF including more heterodox economists within that body by taking control of the IMF Institute that is key in contracting new economists each year. In additon by proposing new policy issues and improving debt information and fiscal information, so that everyone really knows what is going on in each country. The IMF technical reports must be made clearer and simpler and provided to the world public interested in the world economy. Finally, any pressure to make SDR´s a possible future world currency are to be welcomed by
member developing countries, to provide some rivalry to dollar, euro and yuan.

Secondly, debate on the regional monetary and banking agreements proposed by Ugarteche and others should be the basis of another future WEA conference.

Above comment to be applied on Lima: Public debt is economic nonsense.