British PM proposes establishment of new international financial system
15/10/2008 17:27
British Prime Minister Gordon Brown yesterday called for the establishment
of a new international financial system to address the emerging challenges at a
"global age."
Speaking one day before a European Union (EU) summit, which is
expected to focus on the ongoing financial crisis, Brown said the current global
system was "too clouded with opacity, conflicts of interests, irresponsible
risk-taking," and when crisis occurs countries tend to tackle its share of
problems alone rather than take coordinated steps.
He said that transparency
is a must under the new system, and there should also be adequate measures to
prevent economic bubbles.
In addition, the integrity of the system should
always be guaranteed so as not to undermine confidence in the markets.
The
British prime minister also said that an effective global early warning system
for the world economy should be installed to reinforce financial
supervision.
"We need to ensure that we are making the reforms that are
necessary for both national financial systems and particularly for this new
global financial system."
When asked whether emerging economies would be
affected by the ongoing financial crisis, Brown said no country could be spared,
adding that the impact of what had happened in America has been spreading to the
rest of the world.
Brown also said that he would present his proposals to
other EU leaders at today's summit.
Xinhua
|
