Brazil’s Lula Calls for G-20 to Replace G-8

Brazilian President Luiz Inacio Lula da Silva on Thursday called for the Group of 20 to replace the Group of Eight as the principal leadership forum so that developing countries can take their appropriate place next to advanced nations on the world stage.

“I believe that there isn’t any reason for a G-8 or any other G,” except the G-20, Lula said in an interview on The NewsHour with Jim Lehrer. “I believe that we should guarantee that the G-20 should now be an important forum to discuss the major economic decisions of the world,” the president said.

Brazil, China and India should be given more say in world affairs because they are big consumers, producers and “were better prepared than the rich counties for this crisis,” he said. Those countries are part of the G-20, but not the G-8, which is made up of the U.S., U.K., Germany, France, Italy, Japan, Canada and Russia.

Lula also called for G-20 leaders, meeting in Pittsburgh on Thursday and Friday, to move quickly to overhaul financial regulations, strengthen bank capital standards and end tax havens. “It’s necessary for us to take advantage of this crisis and do things the right way,” he said.