ALBA Goes Beyond Cooperation, Includes Monetary and Financial Integration

Posted on March 4, 2010



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ALBA Goes Beyond Cooperation, Says Mexican Economist 

HAVANA, Cuba, March 3 (acn) The Bolivarian Alliance for the Peoples of Our
America (ALBA) is an institution that goes beyond cooperation among its
member countries as it includes monetary and financial integration, said
Mexican economy expert.
    Jaime Estay, with the Autonomous University of Puebla spoke about the
topic on the third day of sessions of the 12th International Meeting on
Globalization and Development Problems underway in Havana.
    The academician said ALBA has found solutions to deal with the current
world financial crisis generated by a global monetary disorder resulting
from the weakness of the US dollar and by policies implemented by the
International Monetary Fund (IMF).
    Estay pointed out that Latin America is leading national and
multilateral actions at regional level to mitigate the negative effects of
the crisis on local economies.
   The Mexican expert described as inadmissible that Group 20, constituted
by industrialized and emerging nations, were entrusted with the
responsibility of adopting the measures to overcome the world economic crisis.
    G-20 undertook the roll without paying attention to the fact that the
UN General Assembly, made up by 192 member countries, was summoned for a
meeting to analyze the world situation deal and ended with plans of
actions set up.
    Estay said G-20 has not touched structural features of the global
economy and mentioned as an example of such behavior the fact that the IMF
has paradoxically grown stronger lately instead of having disappeared for
being one of the leading originators of serious monetary and financial
   Likewise, attending Havana’s meeting, Manfred Brenefeld, with the
University of Ottawa, Canada, warned that the crisis has driven the world
to follow the path to social democracy or fascism in certain countries,
politically speaking.
    According to the Canadian expert, the most effective and plausible way
would be social democracy, but as a prelude to new true socialism, which
he said should be credible and possible for the peoples.
    Our mission is to make that Socialism understandable, Brenefeld said.
    With some 1,000 Cuban and foreign participants, the 12th Int’l Meeting
on Globalization and Development Problems will run until next Friday,
March 5 in Havana. 


ALBA va más allá de la cooperación, afirma economista

Cuban News Agency