Brown calls for greater international cooperation

Saturday, 14 March 2009 5:50 PM

Gordon Brown has said greater international cooperation lies at the heart of resolving the current economic crisis.

Speaking at a joint press conference with German chancellor Angela Merkel in Downing Street this afternoon, the prime minister again called for greater banking regulation and supervision.

He also said 'shadow banking' should be brought under supervision, with hedge-funds also being subjected to regulation.

However, despite claiming he believed "America is ready to support us", Mr Brown may face some opposition to his desire to bring hedge funds under supervision, as the United States has previously expressed some concern at the measure.

Mr Brown said he and Ms Merkel were "very much agreed" on the agenda of talks required at the meeting of G20 leaders in London next month.

Ms Merkel told reporters the meeting in London on April 2nd "must be a success" and said the current economic crisis called for international cooperation.

Like Mr Brown, the German chancellor said she was positive and optimistic an agreement could be reached with the US and emerging economies to come up with a set of results and new regulation which would prevent a similar economic crisis happening again in the future.

Both Mr Brown and Ms Merkel also agreed tax havens had "no place in this new world" and called for greater sharing of tax information between nations.

Finance ministers from the G20 nations are currently meeting in Sussex to discuss the global downturn.

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• economy
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• economy and finance