'Emerging markets were not the cause of the ongoing financial crisis as their financial systems were conservatively regulated,' Mukherjee said Friday.

BRIC countries are of the view that advanced developed countries must learn from the their and avoid short-term measures that can affect global trade and financial flows.

'The IMF cannot emerge from the crisis unchanged,' Mukherjee said in comments that reflect a long-standing Indian demand for IMF reform.

'Financial stability has to be included in its mandate to institutionalise the relationship with the Financial Stability Board. This should lead to more even-handed surveillance of all systemically important economies,' Mukherjee said.

The BRIC countries, which are expected to lead global economic recovery, have decided to put in $80 billion into the IMF to help economies struggling with the current crisis, but have warned that further injection of fund is conditional on immediate IMF reforms.

The reforms should begin 'now' and conclude by the end of the year, said Brazil's Guido Mantega.

Other key demands include:

- Scrapping the current system under which only developed country candidates get to become the IMF managing director or World Bank president; and

- Changing the IMF and World Bank executive boards to allow for 'more adequate' representation of emerging economies and developing countries.