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In The News
   
 
 

 

In The News

  
Prime Minister Gordon Brown called on Friday for a world constitution to regulate the financial system and said he hoped for agreement on a range of regulation issues at G8 and G20 meetings in coming months.

Brown said a global solution was required to transform financial services, which he defined as follows:

"Common rules for capital and liquidity, common standards for supervision, common rules for bonuses and a shared way of assessing the contribution banks should make to society, free of the unfair and disproportionate use of regulatory and tax havens which penalise countries doing the right things."

Referring specifically to discussions with the International Monetary Fund and with other countries on the idea of a global levy on banks, Brown said he hoped for agreement at an upcoming G8 meeting in Canada and a G20 meeting in South Korea.

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