Manmohan Singh Quote
The explosion of financial innovation unaccompanied by credible systemic regulation has made the financial system vulnerable. The resulting crisis of confidence threatens global prosperity in the increasingly interdependent world in which we live. There is, therefore, a need for a new international initiative to bring structural reform in the world's financial system with more effective regulation and stronger systems of multilateral consultations and surveillance. This must be designed in as inclusive a manner as possible.
On the financial crisis of 2007–08, as quoted in "Full text of Manmohan Singh's speech at UN General Assembly", Hindustan Times (27 September 2008)