The UN General Assembly is in the last day of a summit on reforming financial regulation in the wake of the global economic crisis. A draft proposal set for approval today calls for increasing aid to poorer nations, tightening regulation of complex financial instruments, and reforming the IMF and other multilateral institutions. On Thursday, Ecuadorian President Rafael Correa said member states should consider abolishing the IMF. He also criticized the profit-driven financial system.

Ecuadorian President Rafael Correa: “We who want to be citizens of the world cannot understand schemes that always end up trampling and enslaving the poorest. How can we understand so-called globalization that does not seek to create world citizens, but only consumers. It does not seek to create a global society, just a global market.”