Globalisation rules must take India, others on board

India, Latin America and Africa must be taken on board while framing the rules

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for globalisation in the post-economic crisis scenario, French President Nicolas Sarkozy said at WEF's annual meeting here.

"We cannot govern the world of the 21st century with the rules and principles of the 20th century. We cannot govern globalisation while relegating half of humanity to the sidelines, without India, Latin America or Africa," he said in his opening address last evening.

Being the first French President to address the WEF in its 40 years, Sarkozy said the post-crisis world has to be viewed differently from what happened before the second half of 2008.

"We cannot look at the post-crisis world in the same way as the world before the crisis," he said, coming down heavily on the behaviour of the reckless bankers whose actions led to the financial crisis.

He said but for the unity of the emerging and advanced countries as represented in the Group of 20, it would have been difficult for the world financial system to get the lost trust back.

"Without the G-20, it would not have been possible to envisage regulating bonuses (of bankers and financial services giants), closing down tax havens and changing the rules of the accounting and prudential standards", he added.