The global financial system remains distorted and dangerous.

The second milestone is a better global financial system.

A more robust global financial system is urgently needed.

Countries needed access to an equitable global financial and trading system.

Countries debts undoubtedly play a vital role in the global financial system.

And the US dollar reserve currency system the backbone of the current global financial system is fraying.

Global financial stability must be secured by a better functioning international monetary system.

But the real issue for prosperity concerns the foundations of the global financial system.

Sarkozy has a golden opportunity to put his mark on the global financial system.

This renewed international cooperation was intended, of course, to protect the global financial system.

Like other emerging markets, China is committed to financial stability and playing its role in reforming the global financial system.

But important things are created in our modern global financial system, both positive and negative.

As this capital cascades through the global financial system, it will re inflate the economy.

The need to overhaul the international monetary and financial system was one of the basic lessons of the global financial crisis.

Today s financial market turmoil has exposed weaknesses in the current global financial system, of which many were known but went unaddressed.

But ultimately we need a system of global financial regulation and governance that merits our faith.

We may not be facing a repeat of the global financial crisis of 1997, but make no mistake, imperfections in the global financial system can still be costly, both in terms of global prosperity and stability.

All of these steps will contribute to sustainable domestic growth and a more stable global financial system.

The authorities aided and abetted the process by intervening whenever the global financial system was at risk.

CAMBRIDGE A huge struggle is brewing within the G 20 over the future of the global financial system.

But China s draconian capital controls and massive financial repression currently disqualify it from anchoring the global economic system.

Group of 77 (on the draft resolutions on poverty eradication global partnerships for development and international financial system)

This lack of action reflects the increased complexity and linkages of the global financial system, and the absence of an effective anchor for financial stability.

But looking after the stability of the global financial system, including the assessment of exchange rate policies and global payment imbalances, is a different responsibility.

It can help shape a more robust global supervisory system which needs to be built in order to preserve the benefits of global financial markets.

Cynics may say that nothing will happen to the fundamentals of the global financial system, but they are wrong.

That is why ongoing dysfunction in the US financial system has helped to fuel such a deep global recession.

The right lesson from Lehman should be that the global financial system needs major changes in regulation and governance.

Indeed, the work needed to build a more robust, stable, and safe global financial system has only just begun.

The Fed and the European Central Bank have recently pumped massive amounts of liquidity into the global financial system.

Admittedly, Obama inherited a collapsing financial system, a declining world order, and the ever present threat of global terrorism.

But the agenda set at Pittsburgh will shape, for better or worse, not just the US and European financial systems, but also the global financial system.

NEW YORK Both China and the United Nations Commission on Reforms of the International Monetary and Financial System have called for a new global reserve system.

China is also probably unsuited at the moment to play a central role in reforming the global financial and monetary system in 2009 because it has not yet fully liberalized its capital accounts and financial system.

LONDON Following weeks of financial and economic turmoil, public debate has finally turned to the horrific potential human ramifications of the collapse of the global financial system.

Reflecting the relative soundness of the banking system (mostly populated by Canadian banks), the impact of the global financial crisis on the financial sector has been limited.

The forthcoming global summit must face these new realities if it is to work effectively toward creating a more stable and a more equitable global financial system.

Critics insist that QE is the beginning of the end of the global financial system, if not of civilization itself.

On the other hand, what is the alternative to Geithner s vision? Is there another paradigm for the global financial system?

The additional consumers participating in the formal financial system will strengthen national economies and, in turn, enrich the global economy.

Moreover, the failure of the global financial system comes at a time when power is shifting from West to East.

The eurozone is now replicating how the global financial system dealt with such crises in 1982 and again in 1997.

More fundamentally, the US role at the center of the global financial system gives tremendous power to US courts, regulators, and politicians over global investment throughout the world.

Global Positioning System

In the aftermath of the global financial crisis, the United Nations Commission of Experts on Reforms of the International Monetary and Financial System urged that we design an efficient and fair system for the restructuring of sovereign debt.