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Former Australian prime minister Paul Keating says the current economic situation calls for an overhaul of the international institutions that lead economic policy.
Mr Keating told ABC 1's Lateline program that governments should move on from inter-government institutions such as the International Monetary Fund (IMF) and G7 to combat the global financial crisis.
He says China and India deserve more of a say.
"What we need is a completely new global political and economic settlement," he said.
"Get rid of the old G7. We've got to get rid of the old IMF. We've got to bring the surplus countries into the political framework.
"The G7 is made up of debtor countries, countries like the United States, Britain, France, Italy - these are all borrowers.
""There's no surplus countries in that. If you look at the structure of the IMF the Chinese get 3.7 per cent of the vote, the Indians get 1.9."
"The Europeans and the Americans get 51 per cent and there is just now way the Chinese communist party is going to hand over control of their currency and their political fortunes to a Washington-based, US Treasury run institution."
"So unless there is going to be a totally new settlement... we are not going to get out of this."
Mr Keating says he expects the effects of the economic slowdown will be felt for a long time.
"The United States is also going to go through a very long and deep recession and a massive period of adjustment and I'll be very surprised if this is any less than six or seven years," he said.