Special Report: Global Financial Crisis    

Backgrounder: Basic facts about G20 

    SAO PAULO, Nov. 8 (Xinhua) -- Brazilian President Luiz Inacio Lula da Silva on Saturday called for a "new world financial architecture" to be built in the wake of the current financial crisis.

    Addressing the opening ceremony of Group of 20 (G-20) gathering of finance ministers and central bank governors, the Brazilian president made the plea for a serious and urgent reform of the current global financial system, which he described as "a castle made out of playing cards."

Brazil's President Luiz Inacio Lula da Silva (C) attends the meeting of G20 Finance Ministers and Central Bank Governors in Sao Paulo, Brazil, Nov. 8, 2008. The two-day meeting was opened on Saturday.(Xinhua Photo) Photo Gallery>>>

    No country is safe from financial crises, said Lula, adding that each and every country should assume responsibility for their actions and keep from transferring risks to other countries.

    He also called on emerging markets to work in unison to have a stronger voice, while criticizing the "dogmatic faith of non-intervention" in the markets adopted by the United States and other countries.

    The Group of Seven (G-7) alone, which is composed of the seven major industrial countries -- the United States, Japan, Britain, Germany, France, Italy and Canada, will not be able to resolve the world's problems, and we need a new, more participative governance, Lula said.

    It is high time for a pact to be made among states to create a new global financial architecture, Lula said, adding that Brazil is ready to assume its responsibilities.

    This year's G-20 gathering of finance ministers and central bank governors is to address the issues of competition in financial markets, clean energy and economic development.

    The so-called G-20 includes the seven advanced industrial countries (G-7) and Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey as well as the European Union and the Bretton Woods Institutions.