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Brown calls for new Bretton Woods summit

Latest update : 2008-10-13

British PM Gordon Brown has said that world leaders must meet to decide on a new Bretton Woods system, referring to the global financial architecture agreed to at the end of World War II.

World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the global financial architecture agreed at the end of World War II.
  
Speaking as Britain announced its latest move to try to stabilise the tottering banking system, he said the current crisis should be seen as an opportunity to push through delayed reforms.
  
"Sometimes it takes a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed," he said in a major speech on the fast-moving world financial crisis.
  
"We must create a new international financial architecture for the global age," adding: "We must have a new Bretton Woods -- building a new international financial architecture for the years ahead," he added.
  
The Bretton Woods system was set up at the end of World War II establishing post-war institutions such as the International Monetary Fund and the precursor to the World Bank.
  
His comments came as European governments launched a multi-pronged attack on the financial crisis, buying into banks and approving hundreds of billions of dollars in loans in a move to stabilise panic-stricken markets.
  
Britain announced it was ploughing 37 billion pounds (64 billion dollars, 47 billion euros) into a trio of struggling banks, as part of a 500-billion-pound package of measures announced last week.

Date created : 2008-10-13

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