Merkel urges reforms to IMF, World Bank to restore confidence in financial system

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BERLIN, Jan 23 (Reuters) - Global organisations like the International Monetary Fund and the World Bank must be reformed to restore confidence in the global financial system, German Chancellor Angela Merkel said on Wednesday, defending multilateralism as a 'win-win' guarantor.

"For a long time emerging countries like China and India influenced the world economy in a very strong way and when an existing system takes too long to react the consequences are that others (countries) make themselves noticeable through new institutions," Merkel said in a speech in Davos.

(Reporting by Paul Carrel and Madeline Chambers, writing by Joseph Nasr, editing by Thomas Seythal)