With the collapse of two major US financial institutions sending global markets into a tailspin, it is time the Indian and Chinese central bankers demand a greater say in global financial systems, an economic expert says.
"The two big Asian economies are not part of the global financial regulatory system, now a preserve of the G10 countries. Sufficient importance and weightage should be given to this region in the global financial regulatory system," Ian Harper, a senior consultant with Melbourne's Access Economics, said at a seminar here Friday.
Speaking at the Sustaining Asia's Growth: Challenges and Opportunities seminar organised by the Australian High Commission, Harper said: "It is now the right time for the Bank of International Settlements (BIS) and other global financial institutions to review their membership and give importance to India and China."
He said the Indian and Chinese governments should put forth their demands through diplomatic and other channels to gain membership of key BIS committees and not be content with being mere shareholders.
Agreeing that there would be opposition to this from the existing members, he said the US and Europe have lost the moral authority to oppose the entry of India and China as the system developed by them is facing problems.