Former Saudi Intelligence Chief, Ambassador to the United States, and Georgetown Professor HRH Prince Turki Al Faisal said at the Global Competitiveness Forum in Riyadh today that the global financial crisis and ensuing recession was “born in the West, developed in the West yet hit hard throughout the world.”
As such, the Kingdom of Saudi Arabia and other nations are unlikely to assist these countries unless they are given increased clout, according to the Prince.
Reuters reports:
“[Prince Turki] said this showed the need to give emerging economies more representation and more authority in global bodies such as the Group of 20 nations, a forum of the world’s major industrialized countries, and the Financial Stability Board (FSB), which discusses regulation of banks and financial markets.”
