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PM urges global 'grand bargain' PM urges global 'grand bargain'
(10 minutes later)
Prime Minister Gordon Brown has said world leaders are working towards a "global deal and grand bargain" to deal with the economic downturn.Prime Minister Gordon Brown has said world leaders are working towards a "global deal and grand bargain" to deal with the economic downturn.
He told his monthly press conference that the whole world had to preserve "an open economy", rather than move towards protectionism.He told his monthly press conference that the whole world had to preserve "an open economy", rather than move towards protectionism.
Leaders were working together to help "working families", he added.Leaders were working together to help "working families", he added.
Mr Brown was speaking after talks with International Monetary Fund head Dominique Strauss-Kahn.Mr Brown was speaking after talks with International Monetary Fund head Dominique Strauss-Kahn.
The government has launched a document outlining its policies and aims in the run-up to the G20 economic summit in London in April.The government has launched a document outlining its policies and aims in the run-up to the G20 economic summit in London in April.
'Taken the lead''Taken the lead'
Mr Brown will be meeting leaders including German chancellor Angela Merkel and Italian prime minister Silvio Berlusconi during the next few days.Mr Brown will be meeting leaders including German chancellor Angela Merkel and Italian prime minister Silvio Berlusconi during the next few days.
He said: "I think we are fashioning for the future a global deal and grand bargain where each continent fulfils its responsibilities and its obligations and act to deal with what is a global problem."He said: "I think we are fashioning for the future a global deal and grand bargain where each continent fulfils its responsibilities and its obligations and act to deal with what is a global problem."
There is no possibility anyway of a job called Global Financial Regulator Gordon Brown Brown rejects leadership 'gossip'There is no possibility anyway of a job called Global Financial Regulator Gordon Brown Brown rejects leadership 'gossip'
He added: "Most people looking at Britain say we have taken the lead in the measures to prevent a global collapse."He added: "Most people looking at Britain say we have taken the lead in the measures to prevent a global collapse."
On Tuesday, US President Barack Obama signed a $787bn economic stimulus package.On Tuesday, US President Barack Obama signed a $787bn economic stimulus package.
Several other countries have programmes in place.Several other countries have programmes in place.
Mr Brown said: "America has just announced the biggest fiscal and monetary stimulus in the history of its country.Mr Brown said: "America has just announced the biggest fiscal and monetary stimulus in the history of its country.
"Every part of the world must be part of the stimulus to the economy, giving support into the economy with investment, getting interest rates down as much as possible, and I believe one of the features of our discussions at the G20 summit on 2 April is how all countries can come together to do that."Every part of the world must be part of the stimulus to the economy, giving support into the economy with investment, getting interest rates down as much as possible, and I believe one of the features of our discussions at the G20 summit on 2 April is how all countries can come together to do that.
"Some may have to do more on interest rates; some may have to do more fiscal stimulus. The whole point of the G20 is that the world must take action to deal with a global problem.""Some may have to do more on interest rates; some may have to do more fiscal stimulus. The whole point of the G20 is that the world must take action to deal with a global problem."
He added: "The old orthodoxies will not serve us well in the future. We've got to think the previously unthinkable. We've got to do what was previously undoable.He added: "The old orthodoxies will not serve us well in the future. We've got to think the previously unthinkable. We've got to do what was previously undoable.
"The co-operation that's needed around the world is not something that has been achieved before - but I believe it can be achieved to meet the needs of our times.""The co-operation that's needed around the world is not something that has been achieved before - but I believe it can be achieved to meet the needs of our times."
Following recent criticisms of the role of the Financial Services Authority in regulating UK banks, Mr Brown said: "I'm right, I think, to emphasise the international nature of the problem."Following recent criticisms of the role of the Financial Services Authority in regulating UK banks, Mr Brown said: "I'm right, I think, to emphasise the international nature of the problem."
He also said the "biggest failure" was on a global level, but added: "Of course I accept there need to be changes in the UK system."He also said the "biggest failure" was on a global level, but added: "Of course I accept there need to be changes in the UK system."
The prime minister brushed aside the suggestion that he was tempted to step down to become the "world's financial regulator".The prime minister brushed aside the suggestion that he was tempted to step down to become the "world's financial regulator".
He said: "There is no possibility anyway of a job called Global Financial Regulator. I want get on with the job I'm doing.He said: "There is no possibility anyway of a job called Global Financial Regulator. I want get on with the job I'm doing.
"My priority is to help people in this country who are facing problems with their mortgages, problems with their jobs and problems with small business finance.""My priority is to help people in this country who are facing problems with their mortgages, problems with their jobs and problems with small business finance."