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| Version 2 | Version 3 |
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| Brown push for global bank reform | Brown push for global bank reform |
| (about 7 hours later) | |
| Prime Minister Gordon Brown has said he wants a "better early warning system" for the global economy. | |
| 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. |
| Mr Brown wants the EU to play a leading role in reforming institutions like the IMF, World Bank and UN. | |
| In a statement released by Downing Street ahead of the summit in Brussels on Friday, Mr Brown said he would urge the EU to get involved, saying: "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." | |
| Trade deal | |
| He called 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 also urged 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. | |
| 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 grilling | 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 grilling |
| Mr Brown told MPs on Thursday 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". | |
| 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." |
| 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." |