RIO DE JANEIRO, July 22. /TASS/. The ideology of liberal democracy fails to meet the interests of today’s world community as it no longer serves as a guarantor of maintained democratic foundations, Brazilian President Luiz Inacio Lula da Silva said.

"Liberal democracy has failed to meet the modern wishes and demands," he told a press conference in Santiago. The Brazilian leader took part in a meeting of presidents of Chile, Colombia, Uruguay and the prime minister of Spain.

Many countries need to reform the existing political institutions for maintaining the stability of democracy, Lula da Silva noted. "Performing an election ritual every four or five years is no longer enough," he said.