Page last updated at 12:08 GMT, Tuesday, 22 September 2009 13:08 UK

Europe should 'give way' to emerging nations

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The Brazilian finance minister, Guido Mantega, has said that European countries that no longer have the economic power they used to should step aside for emerging nations.

He is calling for immediate reform of the IMF to give fast-growing nations like his own more power over decision making in the world economy.

Mr Mantega spoke to the BBC's Gary Duffy ahead of this week's G20 meeting. He started by calling for stricter regulation of financial markets.

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