The Bolivarian Alternative for the Americas (ALBA) needs to create a world monetary council in order to regulate the economic system of its member states, according to Honduras President Manuel Zelaya.

"We should seek an international economic order where a world monetary council could be created in order to really regulate a monetary system handled by the super power economies. A new monetary, financial and bank structure could exist in our region," he said on Wednesday.
 
During his speech at the ALBA Third Summit held in Caracas, Zelaya talked about the significance of proposing a global international order premised on the development of the ALBA member states, reported state-run news agency ABN.

"A new era, and a new concept of development, is being born. Therefore, we must use our initiative and tell all the countries in the world that the current international economic structure has been a great failure and it is impoverishing our peoples."