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lauchenauermartin
Trustworthy Freedom Fighter
Joined: 09 Jan 2007
Posts: 522
Location: near St. Gall in Switzerland
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 Posted: Wed Oct 15, 2008 11:09 pm Post subject: Gordon Brown demands global financial regulator |
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 It seems the "City of London Corporation" working for the Crown is finally getting what they want....
   
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3204879/Gordon-Brown-demands-global-financial-regulator.html
 | Quote: | Gordon Brown demands global financial regulator
Global regulation of the world's 30 biggest financial institutions may be set up by the end of the year as part of wholesale shake-up in the way banks and markets are supervised.
By Russell Hotten
Last Updated: 7:36PM BST 15 Oct 2008
Gordon Brown said on Wednesday that he has already discussed with other leaders his  idea that the top finance houses be overseen by international colleges of supervisors instead of separate national regulators.
T he European Union is already working on plans for such colleges, but the prime minister's idea stretches further afield to include the United States and Japan. Mr Brown said that the post-war financial system shaped by the Bretton Woods conference 64 years ago - which included setting up the International Monetary Fund (IMF) - was no longer fit for purpose.
He tabled a series of proposals at an EU summit yesterday for what he called "stage two" of a project to reshape the financial world order. The document calls for tougher supervision of banks, a global "early warning system" to identify future financial troubles and agreement on a world trade deal to banish international protectionism.
Mr Brown said he expected the Group of Eight industrialised nations - America, Japan, Germany, France, Britain, Italy, Canada and Russia - plus emerging nations such as China, India, Brazil and South Africa to hold a summit on financial reform in November or December.
As a first step, the world's largest 30 multinational finance houses should be brought under the scrutiny of new bodies capable of monitoring their activities globally, Mr Brown said. It would "end concealment" of financial transactions and shine a light on the "shadow banking market", he added.
Experts on regulation said Mr Brown's idea was a good one - but they questioned if it could work in practice. Simon Gleeson, a partner at law firm Clifford Chance, believes the tendency for countries to revert back to "national solutions" when things go wrong would be strong.
Containing global supervision to just the top 30 institutions made the idea less complicated, but would still require a "huge amount of political will," he said. |
http://www.telegraph.co.uk/finance/3203161/Gordon-Brown-calls-for-global-talks-to-reform-worlds-financial-system.html
Gordon Brown calls for global talks to reform world's financial system
Gordon Brown is calling for global talks this year to reform the world's financial system to avoid any re-run of the worst credit crisis since the 1930s Great Depression.
Last Updated: 2:32PM BST 15 Oct 2008
Gordon Brown - the British Prime Minister arrives for meeting of the European Socialists Party prior to an EU summit in Brussels on Wednesday Photo: AP
The British Prime minister said a global summit could be held in the next few months despite lack of agreement among international leaders that they need to hold a summit on the financial crisis
EU leaders are in Brussels for two days of talks about the financial crisis, ties with Russia and climate change. The summit comes in a week in which European governments launched a coordinated £1,700bn rescue of banks.
Both Mr Brown and French President Nicolas Sarkozy has argued that the current turmoil has shown the world's post-Second World War financial architecture is not fit to task.
There is said to be support for this view, although others are advocating new rules on everything from hedge funds to executive pay.
Mr Brown said: "If we are going to sort out global financial problems that are recognised to be global, we need better ways of doing this."
He is also calling for global talks this year to reform the world's financial system. Mr Brown said a global summit could be held in the next few months despite lack of agreement among international leaders that they need to hold a summit on the financial crisis
After talks with European Commission President Jose Manuel Barroso earlier today, Mr Brown said: "The IMF has got to be rebuilt as fit for purpose of modern world. We need an early warning system for the global economy."
He has long called for the Washington-based IMF to monitor global markets to prevent crises.
European Central Bank President Jean-Claude Trichet, who said in New York yesterday that officials reshaping the world's financial system should try to return to the "discipline'' that governed markets in the decades after Second World War.
"Perhaps what we need is to go back to the first Bretton Woods, to go back to discipline,'' Mr Trichet said after giving a speech at the Economic Club of New York. "It's absolutely clear that financial markets need discipline: macroeconomic discipline, monetary discipline, market discipline.''
Mr Trichet said: "If we don't have discipline, then we are putting into question the functioning of the market economies and the functioning of our financial markets.''
He indicated that recent market turmoil was partly a consequence of the deregulation that occurred after Bretton Woods' demise. That was triggered in 1971, when inflation forced the US to abandon the dollar's peg to gold, an anchor of the system, heralding the era of floating exchange rates.
"The explosion of the first Bretton Woods in a way could be interpreted as a rejection of discipline,'' said Mr Trichet.
On Monday, Mr Brown said the world needs a new Bretton Woods agreement to make the architecture of the global financial system fit for purpose in the 21st century.
In 1944 the Bretton Woods conference helped draw up the post-war world financial order and created the International Monetary Fund and World Bank. Mr Brown said ``we must devise new rules for a world of global capital flows'' just as the founders of Bretton Woods "devised rules for a world of limited capital flows.''[/code][img]
Check out: www.cityoflondoncorporation.blogspot.com
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lauchenauermartin
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Location: near St. Gall in Switzerland
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