Yunus: Sweeping Global Financial Reform Needed

    The global financial downturn serves as an opportunity to create a better and more effective global economy, according to

    , Nobel Peace Price laureate and

    managing director.

    Speaking at the European Development Days in Stockholm Thursday, Yunus called on world leaders to re-shape the global financial system in the wake of its collapse in the past two years.

    "This is a good chance to redesign the financial system and not just put a Band Aid on it," Yunus told participants at Europe's largest annual development event.

    According to Yunus, a new, more effective economic system should also be more inclusive.

    "Two-thirds of the world population is left out," he said. "That is not going to work. Why not be inclusive?"

    About the author

    • Tiziana Cauli

      Tiziana has contributed to Devex News since mid-2008, focusing mainly on Africa as well as the European donor landscape, especially those in Brussels, Rome and Barcelona. Tiziana has worked as a journalist for Reuters and the Associated Press in Johannesburg and at Reuters in Milan and Paris. She is fluent in Italian, English, French and Spanish.