Tuesday, February 23, 2010

PM wants global constitution for financial system

clipped from uk.reuters.com

LONDON (Reuters) - 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."

On the issue of when to start withdrawing fiscal stimulus measures to start reducing Britain's fast-growing public deficit -- a hot political issue in the run-up to Britain's election, which must take place by June -- Brown strongly defended his stance of delaying fiscal austerity measures.

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