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?"