Brown calls for worldwide reforms

BBC | Jan. 25, 2008

Prime Minister Gordon Brown has argued that world institutions need to be reformed if they are to work better in the global economy.

Speaking at the World Economic Forum in Davos, Mr Brown said bodies like the World Bank were set up decades ago, and not designed for the problems of 2008.

He added that more transparency was needed to ensure market stability.

But he said "heavy-handed regulation" and protectionism were not the solution to recent market volatility.

Transparency

"There is a recognition that we need global institutions where we have global capital," said Mr Brown.

In fact, he said, there was a need for more globalisation not less, to reflect the changes in the way the world financial markets operate.

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