Iranian President Mahmoud Ahmadinejad says the world monetary system serves the interests of global economic powers in an “unfair” way.
“The international economic order is unfair, inefficient and harmful to many countries,” Ahmadinejad said as he delivered a speech at the 10th Economic Cooperation Organization Summit in Tehran on Wednesday.
To back up his claim, the Iranian president cited various examples where “unilateral economic policies” govern the world’s monetary trends.
Ahmadinejad said the current system imposes the US dollar on countries as the currency to be used in global transactions, injects huge financial bubbles into economies, and allows rich countries to give their farmers and producers subsidies that give them an advantage against other market competitors.
He added that the system gives “certain countries” the power to impose unilateral banking and finance regulations on other states “under the pretext of recommendations and regulations of the World Bank and the International Monetary Fund”.
Ahmadinejad also criticized the way that the every country’s economic security rating is determined, saying that the process is based on “unilateral criteria, which are essentially political and hollow”.
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“Countries like the US and some of its allies, which are at the center of the world economic crisis, get a high economic security rating while the risks of some countries that are opposed to US policies are exaggerated despite the fact that they have some of the safest economies of the world.”
The two-day event, which focuses on the global economic crisis and trade cooperation among Economic Cooperation Organization (ECO) members, has brought together presidents and other senior officials from Iran, Afghanistan, Azerbaijan, Pakistan, Iraq, Qatar and several Central Asian countries.
Iran, Pakistan and Turkey established the ECO in 1985 as an organization that can promote economic, technical and cultural cooperation among regional states.