CHANGE IN GLOBAL FINANCIAL SYSTEM NECESSARY, SAYS DPM

KUALA LUMPUR, Oct 25 (Bernama) -- A change in the global financial system
is necessary as the present one was developed long time ago and many changes
have taken place in the global financial market since then, Deputy Prime
Minister Najib Razak said FRiday.

"It's absolutely necessary for us to look at the entire global financial
system," he said in an interview with Bloomberg today when asked about the
importance of economy to his leadership.

Najib noted that Malaysia has been calling for a review of the system for a
long time.

"I don't have all the answers. But obviously it (present financial system)
is a system that was developed a long time ago. And things moved at a much
faster pace. Today there's more financial products. Things are much more
sophisticated. Even the mere monitoring of what's happening, there's a huge
gap," he said when asked about how the shape should of the new system should be.

He added that there was need to find the solutions and answers.

On response to the crisis, Najib said there could be a better response from
the United States the measures taken so far did not really help the
market.

On Asia's reponse, Najib acknowledged that the region has not responded
with one voice, but he was not surprised as it did not have a real framework for
such coordinated action.

Although within Asean there is the Chiang Mai Initiative to help out other
countries, it is still rather vague and has not provided specific measures that
can be taken, he said.

"I think if the situation warrants it, Asean and Asia should take some
specific initiatives," he said when asked whether Asia should have coordinated
action.
-- BERNAMA