"There is an urgent need for an Economic Security Council with wide-ranging representation, including World Bank, International Monetary Fund (IMF) and other relevant (financial) bodies," Finance Minister Yashwant Sinha said, addressing the first plenary session of commonwealth finance ministers at Ottawa last night.

Sinha also sought review of functioning of international funding agencies, including World Bank and IMF at the highest political level to check capital flow volatility.

"The need to involve the private sector, experts and other international institutions in a dialogue at the technical level in the process cannot be over-emphasised," he said.

Stating that there was a need to develop a new design for fund programmes of international lending agencies, he said one waycould be to introduce temporary controls as done by Malaysia.