Iranian President Mahmoud Ahmadinejad
Photo: AFP
Iran says capitalism on verge of collapse
At start of 10-nation Economic Cooperation Organization summit including Turkey, Pakistan, Iranian President Ahmadinejad says 'liberal economy, free market have failed' suggests 'single currency' be used between group's members
Iranian President Mahmoud Ahmadinejad told regional leaders meeting in Tehran on Wednesday to discuss the global economic crisis that the capitalist system was close to collapse.
Opening a one-day summit of the 10-nation Economic Cooperation Organization (ECO) including Turkey, Pakistan and other neighbours, he also suggested a "single currency" should be used in trade between the group's members.
"After the collapse of the closed socialist economy, the capitalist economy is also on the verge of collapse," Ahmadinejad said in his televised speech.
"The liberal economy and the free market have failed," said Ahmadinejad, who often rails against the West.
Iran, Turkey and Pakistan are the founding members of the organization, which was set up in 1985 and now includes seven other regional nations, Afghanistan among them.
The Tehran meeting is expected to discuss ways to boost trade and economic cooperation in a region which boasts major energy resources.
Ahmadinejad made a series of recommendations, including the creation of an ECO development and trade bank and currency cooperation.
"The process of obtaining one single currency in the trade and exchanges among members, and in the next stages with other countries and neighbours, should be designed," he said.
