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"It is high time we found a common solution to problems facing the world,” he said. “We need to create a better order."

Cheong Wa Dae spokesman Lee Dong-kwan, providing the customary gloss on presidential remarks, said, "Current international financial agencies such as the IMF are failing to catch up with rapid changes in the global financial market. Of course, there have been similar discussions in the international community. But the president stressed the need to launch a new international financial body that could respond (to a worldwide financial crisis) preemptively well in advance."

Lee will reportedly reiterate his call at international conferences including the ASEM Asia-Europe Meeting in Beijing next week.

"The global economy has been hit and many people have been stunned and terrified by the wide-ranging financial crisis originating in the U.S.," the president said. "In this uncertain situation, knowledge sharing is vital, and herein lies the historical responsibility of intellectuals around the world."

(englishnews@chosun.com )