IMF should oversee global financial system: Ban Ki-moon

“In 1944, when people discussed that we establish the IMF and World Bank, the IMF was not given that particular mandate. With all this deregulation of financial markets we have seen some laxity in overseeing and supervising banking regulations. This is what we have identified as weaknesses from this crisis,” he said.

He added that the need to give the IMF a bigger role to monitor financial and banking regulations would be discussed at the G-20 summit in Washington.

Ban Ki-moon also called for a bigger role for India in international peacekeeping missions, and said he has discussed this with Prime Minister Manmohan Singh. “You’re providing more than 8,000 peacekeepers and are the third largest contributor. I hope India can do more (and provide a larger contingent),” he said.

On recent allegations of misconduct by Indian peacekeepers in Congo, he said investigations were on, and “I know that the Indian government has taken necessary measures”. On allegations of smuggling, the Secretary General said: “There has been some internal investigation by the U N’s relevant investigative organs and these allegations have been proved to be not substantial.”