Advanced nations can't control world economy alone: Brazil

WASHINGTON: Advanced countries can no longer manage global economic stability by themselves, Brazil's Finance Minister Guido Mantega told the International Monetary Fund on Saturday.

"The current world situation is similar to that of 2008," Mantega told the IMF's steering committee in a statement on behalf of several Latin American nations.

But, he said, "Emerging market and developing countries are responsible for the larger share of world economy growth" and have a bigger role to play.

Mantega added, though, that European policymakers were responsible "to ensure that their actions stop contagion beyond the euro periphery."

Copyright AFP (Agence France-Presse), 2011