Oct 16, 2008

International Financial System Reform

We reported yesterday on Gordon Brown's ideas for reform of the Bretton Woods system. This seems to have won favour with his colleagues in Europe:

"The IMF has got to be rebuilt as fit for purpose for the modern world. We need an early warning system for the global economy," Prime Minister Gordon Brown told reporters in Brussels.
German Chancellor Angela Merkel also told her parliament that new international financial rules were needed with the IMF taking on a bigger supervisory role.