Iran's hardline President Mahmoud Ahmadinejad accused the United States and other world powers on Wednesday of creating an "unfair" economic order which has triggered the global financial crisis. In an opening speech at a summit of the regional Economic Cooperation Organisation (ECO) in Tehran, Ahmadinejad said "the United States and some of its allies are at the centre of the economic crisis." Capitalism as a system has failed. The economic order is unfair and irresponsible. Unfortunately nations of the world have to pay the cost of inefficient policies of certain nations." Ahmadinejad, known for his anti-US tirades, called on ECO members to overcome the "threats" posed by the financial crisis and transform them into "opportunities." "The threat of unfair international order can be changed to create a safe economic situation for our countries" by developing trade between ECO member states, Ahmadinejad said.