Speaking yesterday on a Panel at the European Development Day in Strasbourg (France), from November 15-17th, 2008, the President discussed the current financial crisis and its impact on Africa. He drew attention to the need to reestablish confidence in the global financial system and regulation, and to address the deficit in global economic governance.

Referring to the proposals from the G20 meeting in Washington the previous day, the President emphasised that all countries must be represented in future discussions. The global crisis will affect the poorer countries as well as the developed and emerging markets. It should not be tackled simply as a financial crisis: for Africa it comes on top of the crises of energy, hunger, security, and poverty, and of the challenges of climate change.

The President argued that the "new multilateralism" must provide an integrated response to these interrelated questions. Changes to the international architecture must be developed accordingly. He drew attention to the meeting of African Finance Ministers and Central Bank Governors in Tunis on 12 November, and said that Africa is ready to engage and to play its part. The African Development Bank stands ready to assist.

Speaking on the same Panel, President Yayi Boni of Benin and Jean Ping, the Chair of the African Union Commission, also called for Africa's voice to be heard, that decisions should not be taken behind closed doors and then imposed on the poorer countries.