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Brown 'to reform global banking' Brown push for global bank reform
(about 23 hours later)
Prime Minister Gordon Brown is to push for a "better early warning system" for the global economy when he meets other EU leaders on Friday. Prime Minister Gordon Brown is to push for a "better early warning system" for the global economy when he meets other EU leaders later on Friday.
Mr Brown told MPs there needed to be greater transparency and co-operation between central banks to prevent economic "turbulence". On Thursday, Mr Brown told MPs there needed to be greater transparency and co-operation between central banks to prevent economic "turbulence".
"I will make it my business to try and reform those institutions," Mr Brown told the Commons liaison committee."I will make it my business to try and reform those institutions," Mr Brown told the Commons liaison committee.
EU leaders will discuss globalisation at their Friday summit in Brussels. EU leaders will discuss globalisation at their one day summit in Brussels.
Mr Brown told MPs the decision by five leading central banks - including the Bank of England and the US Federal Reserve - to inject £50bn into the markets had been an "important step forward".Mr Brown told MPs the decision by five leading central banks - including the Bank of England and the US Federal Reserve - to inject £50bn into the markets had been an "important step forward".
I do believe that the lessons of this summer have shown that you need a better early warning system in the global economy Gordon Brown, prime minister Analysis: Brown's first grillingI do believe that the lessons of this summer have shown that you need a better early warning system in the global economy Gordon Brown, prime minister Analysis: Brown's first grilling
But the "turbulence" created by the collapse of the sub-prime mortgage sector in the US, which triggered the collapse of the Northern Rock bank and now threatened a global economic downturn, underlined the need for reform.But the "turbulence" created by the collapse of the sub-prime mortgage sector in the US, which triggered the collapse of the Northern Rock bank and now threatened a global economic downturn, underlined the need for reform.
"I do believe that it is a wake-up call for the global economy," he told the committee."I do believe that it is a wake-up call for the global economy," he told the committee.
"I do believe that the existing institutions are not good enough. I'm going to make it my business to try to reform these institutions to make them better able to deal with the sort of problems that we have got.""I do believe that the existing institutions are not good enough. I'm going to make it my business to try to reform these institutions to make them better able to deal with the sort of problems that we have got."
'Fair trade''Fair trade'
Mr Brown said there was also a need for reform of the credit rating agencies.Mr Brown said there was also a need for reform of the credit rating agencies.
"I do believe that the lessons of this summer have shown that you need a better early warning system in the global economy, you need greater co-operation between the international authorities to head off difficulties.""I do believe that the lessons of this summer have shown that you need a better early warning system in the global economy, you need greater co-operation between the international authorities to head off difficulties."
In a statement released by Downing Street, Mr Brown said he would be urging the EU to play a "leading role" in reforming global economic institutions such as the IMF, World Bank and United Nations.In a statement released by Downing Street, Mr Brown said he would be urging the EU to play a "leading role" in reforming global economic institutions such as the IMF, World Bank and United Nations.
"These institutions, built for just 50 sheltered economies in what became a bi-polar world, are in need of radical overhaul in an interdependent world of 200 states, where global flows of commerce, people and ideas defy borders," said Mr Brown."These institutions, built for just 50 sheltered economies in what became a bi-polar world, are in need of radical overhaul in an interdependent world of 200 states, where global flows of commerce, people and ideas defy borders," said Mr Brown.
He will call for "a renewed mandate" for the IMF to "provide not just independent surveillance of the world economy, but also to become its 'early warning system' against threats to financial stability".He will call for "a renewed mandate" for the IMF to "provide not just independent surveillance of the world economy, but also to become its 'early warning system' against threats to financial stability".
He will also call on the EU to do more to "secure a fair and lasting world trade deal" - and urge Europe to "lead by example" by remaining committed to the principle of open markets.He will also call on the EU to do more to "secure a fair and lasting world trade deal" - and urge Europe to "lead by example" by remaining committed to the principle of open markets.
He will also suggest a wider role for the United Nations, "to combine traditional aid and peacekeeping with a new role in stabilisation, reconstruction and development".He will also suggest a wider role for the United Nations, "to combine traditional aid and peacekeeping with a new role in stabilisation, reconstruction and development".
On the environment, he will call for the EU to play a leading role in "shaping the post-2012 climate change agreements".On the environment, he will call for the EU to play a leading role in "shaping the post-2012 climate change agreements".