Charity calls for global reform

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RAPID LIBERALISATION creates "greater economic volatility and social inequality", according to a report published this week. This is especially true when financial markets are deregulated or when liberalisation is simply grafted on to existing economic systems, Cafod, the UK Catholic aid charity said.

The report, Capital Punishment, added that the immediate effect on the poor had been "undeniable and profound". "Progress on human development has stalled and the international ... goals on poverty reduction, education, health care and environmental protection look increasingly unattainable."

Cafod called for the trend of giving more power to "Northern-based" organisations such as the WTO, the IMF and the World Bank to be reversed. It said the international financial architecture should be reformed to ensure financial flows into developing countries were "in interests of long-term sustainable development".