-Caveat Lector-
"Brazil and Chile have proposed ``redesigning'' the global financial
system to make it more difficult for capital to jump from country to country,
thereby reducing the world economy's volatility and curbing the spread of
economic crises.
"Germany, Portugal and Spain are sympathetic to the idea
"In Argentina, the Latin American Center for Relations with Europe
argued it was ``fundamental for the summit to reform the world monetary and
financial system.''
"Also on the agenda is opening talks about inaugurating a 'free trade
zone' linking the European Union and Mercosur, the South American trade bloc."
Rio Summit Leaders Regulate Capital
By PETER MUELLO
.c The Associated Press
RIO DE JANEIRO, Brazil (AP) - Latin American, Caribbean and European Union
leaders reached a consensus Saturday on language about regulating
international capital flows on the eve of a two-day summit.
Brazilian Foreign Ministry spokesman Jose Alfredo Graca Lima said there would
be a mention of the need to control capital in the Declaration of Rio de
Janeiro, to be signed at the summit that starts Monday.
The decision to address the issue was seen as a triumph for Brazil, which was
among the nations hit hardest by the financial crisis that blew in from Asia
two years ago, and pressed to include the language in the final document.
A group led by Brazil and Chile contends that making it harder for capital to
jump from country to country would reduce the world economy's volatility and
curb the spread of economic crises.
Earlier Saturday, diplomats were uncertain that they could reach common
ground.
On Sunday, foreign ministers from the 48 countries represented meet to review
the document, which is expected to cover a wide range of topics, from human
rights to terrorism, illegal drugs and free trade.
Brazil was among the victims when Thailand's economy crashed in 1997 and
started a global panic, prompting investors to pull their money out of
emerging markets.
The government lost $10 billion literally overnight and decreed a series of
spending cuts and tax increases that slowed the economy to a crawl.
In January, Brazil's currency, the real, collapsed. The government abandoned
efforts to prop it up and the real plunged 45 percent before recovering.
President Fernando Henrique Cardoso has proposed a ``redesigning'' of the
global financial system to make it more difficult for capital to jump around.
Germany, Portugal and Spain reportedly are sympathetic to the idea, and
private groups also are sounding the call.
The Latin American Center for relations with Europe, an independent Argentine
think tank, said it was ``fundamental for the summit to analyze the reform of
the world monetary and financial system'' in light of the recent crises.
One proposal is a tax on financial operations with the proceeds going to a
fund to help economies in crisis.
Also on the agenda is a proposal to start talks about a free trade zone
linking the European Union and Mercosur, the South American trade bloc
featuring Brazil, Argentina, Uruguay, Paraguay and associated members Chile
and Bolivia.
But Manuel Marin, EU Latin American Affairs Commissioner, said Saturday there
is no deadline for the talks to start or end. It was widely reported that the
talks would start in 2001 and conclude by 2005.
Mexican President Ernesto Zedillo was the first foreign leader to arrive
Saturday and was to have lunch with Cardoso on Sunday. Cuban President Fidel
Castro heads a list of others expected Sunday.
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