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OTTAWA, May 26 (LSN) – Finance Minister Paul Martin once again pushed for a one-world financial system at the Asia-Pacific Economic Co-operation (APEC) meeting last Sunday. Martin based his proposal on his claim that current global financial instability necessitates a regulating body for world financial transactions. Pleased with the positive response to his suggestions, Martin told reporters his analysis “was certainly accepted at this meeting… I think considerable progress was made.”  Martin said a final plan for global monetary supervision was necessary within six months. Many of the finance ministers in attendance agreed that the World Bank should be afforded more power in times of financial insecurity.  On November 13, 1997 The Toronto Sun reported that Martin encouraged the International Monetary Fund to take a bigger role in domestic economies. At the time, Martin talked about world-wide tax equalization,  which he said is made necessary by “the increasing interconnection of the world’s economies.”

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