Brown Vision for Financial Reform; ECONOMIC CRISIS PM Thinks Time Is Right for Change

Article excerpt

Byline: Gavin Cordon

GORDON Brown yesterday stepped up his calls for an overhaul of the international financial system as President George Bush unveiled details of America's own bank bailout plan.

Buoyed by the positive worldwide reaction to his pounds 37bn part-nationalisation of three UK highstreet banks, the Prime Minister insisted that it was only stage one of a wider programme of international reform.

Mr Brown will take his message that the world needs a new global financial architecture to Brussels today where he is likely to receive a warm reception from fellow European Union leaders.

On another momentous day for the world financial system, Mr Bush became the latest leader to announce his administration would be taking USEUR250bn (pounds 140bn) stake in America's leading banks.

The President sought to reassure Americans, many of whom regard any form of state-ownership as an anathema, that the government's role in the banking system would be limited and temporary.

"These measures are not intended to take over the free market, but to preserve it," he said.

With the 15 members of the euro-zone having already announced plans for their own bank rescue, Mr Brown's spokesman said that the first priority for today's EU summit would be to secure a similar agreement from the other member states. …


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