Speaking in London, Sir Eddie said opening up markets and increasing competition were good for world growth, but it was important for the international community to provide extra help for the poorest and most indebted countries. 

"At the global level - and it is here that I think some of the peaceful anti-globalisation protesters have a real point - many of the poorest, least-developed countries are effectively excluded," he said. "We need not just free but fair trade at the international level." 

Sir Eddie welcomed the agreement of the International Monetary Fund at its meeting in Ottawa last month, which acknowledged "the special responsibility of the advanced economies in tackling the challenge of poverty reduction", Sir Eddie called on the British government to "make parallel progress" in helping the poorest and most indebted nations. 

As Argentina struggles to agree a bail-out with the IMF to avoid defaulting on its $130bn of external debt, Sir Eddie also criticised the international system used to resolve financial crises. He suggested an amendment to IMF rules in which some limit would be agreed to the amount of credit a country could expect to receive. Without such limits, "neither side can make a sensible assessment of the risks they are taking".