A UN report has termed the present global financial turmoil as a wake up call for the international community and suggested financial reforms.The reforms include a rules-based floating currency regime and stricter market regulations to deal with the problem.The Trade and Development Report 2011 (TDR 2011) of the United Nations Conference on Trade and Development (UNCTAD) released globally on Tuesday said, the rules-based floating currency regime was necessary to curb excessive speculation.It also suggested measures for restructuring of national banking systems and a stricter regulation of financial markets, including for commodity derivatives.UNCTAD said that after several decades of experience it has become clear that monetary shocks, particularly in a system of flexible exchange rates, are much more significant and harmful.Releasing the report, economist and professor in Jawaharlal Nehru University, Jayati Ghosh said that a lot of liquidity is moving into developing countries, where interest rates are high, from developed economies like US and Japan.