'Time has passed for exclusive clubs like G7'

The current financial crisis has shown it is time for clubs of rich nations like the Group of Seven to open their doors to key developing countries, says a top UN development official.

"Exclusive clubs of rich countries only really don't make much sense anymore," says Kemal Dervis, head of the UN Development Program.

"Clearly an opening of these clubs to the big players, strong players coming from the developing countries is highly desirable."