Flawed markets and fundamental weaknesses in the world economic system demand adoption of a “global standard” of norms and principles and a return to ethics in business, according to finance ministers from the Group of Eight club of rich countries.
In a 66-page report expected to be endorsed by heads of government at next week's G8 summit in Italy, ministers agree “a rethinking of the framework of the global economic and financial system is critical”.
“A set of common principles and standards governing international economic and financial activity is an essential foundation for stable global growth,” the report says, laying out the proposed Lecce framework, named after the baroque Italian city where the ministers met this month.
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