Fernandez inaugurates Latin American economic conference

SANTO DOMINGO. Dominican President Leonel Fernandez addressed members and participants of the 32nd Session of the Economic Comisión for Latin America and the Caribbean (ECLAC) this week and attributed some of the current global economic woes to the growth China and India, and the lack of regulation of Wall Street investment banks.

Dominican President Leonel Fernandez talks to other Latin Americans the global economy.

Dominican President Leonel Fernandez talks to other Latin Americans the global economy.

The energy crisis which has caused havoc on food prices coupled with climate concerns “threaten the political stability of nations” said President Fernandez at the inaugural ceremony Tuesday morning at the Hilton Hotel in Santo Domingo.

Fernandez also raised questions about the trade in crude oil futures that take place after the New York markets close that have created a “self-feeding frenzy” when traders buy and sell futures without a connection to the actual price of crude.

“The lack of regulation over investment banks’ purchases of futures is creating political and economic tensions,” Fernandez said.

Further, Fernandez urged the creation of a global solidarity fund that would receive 0.7 percent of the gross domestic product from the developed countries who committed themselves to contribute in Copenhagen in 1995, but “with the exception of a few countries have yet to do so.”

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