The global financial crisis would have effects on the real sector of all countries including
Dervis also said that
CRISIS TO LAST 18 MONTHS
Dervis also said the economic recession in rich countries triggered by the global financial turmoil is likely to last at least 18 months, in an interview with
"It will definitely last more than a year -- between a year and 18 months," Dervis said adding how long it would eventually last would depend on the measures to be implemented.
RICH COUNTRIES NEED MONITORING
He also urged reforms to restructure the International Monetary Fund (IMF) to allow it to monitor the economies of rich countries, not only the developing world.
"The IMF should be a genuine international institution which ensures economic coordination and healthy policies across the world rather than acting only as the police of developing countries," Dervis said.
"It is absolutely necessary for the IMF... to have a say in American monetary policies, American financial control policies or European and Japanese control policies, or at least to disclose what it sees and to draw attention to the problems it sees," he said.
"It is not currently in such a position because the rich countries do not give it a mission on this issue," he added