Suresh Prabhu calls for global financial architecture

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Commerce and Industry Minister Suresh Prabhu has made a case for a global financial architecture to facilitate flow of funds among nations.

"What is important is to create a financial architecture, which facilitates flow of capital from one country to another. The architecture will facilitate savings, which leads to investments, which leads to growth, which will facilitate further expansion," the minister said.

He said this while inaugurating the three-day India-US Symposium on 'Building the Financial System of the 21st Century: An Agenda for India and the US' here yesterday.

Citing that there were innumerable examples of financial integration fostering growth, Prabhu said post-2008 economic crisis, people started asking about how well the economic and financial regulatory model works, and whether such crisis would happen again in the future.

He said there were lot of benefits to be derived from financial integration and "we must have open markets to understand how economies can benefit each other from this".

Prabhu also said he would soon visit Washington DC to meet the US Commerce Secretary and the trade representatives in the US to hold discussions on trade and commerce related issues.