Kazakh President Nazarbayev Proposes UN-Based Global Economic Regulator

Kazakhstan's leader said that the existing efforts to coordinate monetary and fiscal policies in the world were insufficient.

ASTANA (Sputnik) — Kazakhstan’s President Nursultan Nazarbayev suggested on Sunday creating a UN-based economic regulator to steer the global economy to growth, at the G20 summit in Hangzhou, China.

"Such structure can be created by transforming the UN Economic and Social Council into a Global Development Council and handing over to it the powers of a global economic regulator," Nazarbayev said, as quoted by his press office.

The Economic and Social Council (ECOSOC) is one of the United Nations’ six main organs that is responsible for coordination of economic and social policies.

The Kazakh leader also said that current efforts to coordinate monetary and fiscal policies as well as reforms were not enough to reverse the slowdown in the global economic growth in the long-term perspective.

Nazarbayev urged the world’s 20 major economies to work together with developing countries to lay down more substantial proposals on how to stabilize currency exchange rates globally.