IMF founder says system still works

(02:25) Report

Nov 13 - The last known surviving member of the architects of the global financial system says poor supervision of banks is responsible for today's crisis.

Jacques Polak, one of the 700 delegates to the 1944 Bretton Woods conference that led to the creation of the World Bank and International Monetary Fund, says calls for a shake-up of the global system are politically appealing but not the solution.

Paul Chapman reports.

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