Gordon
Brown yesterday warned that there was “bad news
still to come” about the world economy and called
for radical change in the world’s international
financial institutions - the International Monetary
Fund (IMF) and the World Bank.
The
Prime Minister told participants at the World
Economic Forum that the IMF, World Bank and the
United Nations were not suited to the 21st century,
having been founded to meet the challenges of the
1940s, a world of 50 nation states and sheltered
economies.
The
world, Mr Brown told his audience, had “no proper
mechanisms” to deal with climate change, failed
states, health pandemics, and globalisation. Mr
Brown said that there was “not enough globalisation”
when it came to world bodies, and that organisations
such as the IMF needed to work better as “early
warnings systems” of problems in the financial
system.
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