Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Tunisia's Parliament votes on new Government

Read more

MEDIAWATCH

French court rules #burkini ban "clearly illegal"

Read more

THE WORLD THIS WEEK

Biden in Turkey, Colombia Peace Deal, Ethiopia Olympic Protest (part 2)

Read more

THE WORLD THIS WEEK

Earthquake in Italy, French Burkini Ruling (part 1)

Read more

FRANCE IN FOCUS

The hidden secrets of Les Invalides

Read more

FOCUS

Pro-Opposition stronghold Port-Gentil feverishly awaits presidential elections

Read more

ENCORE!

Alexis Michalik: treading the boards in the footsteps of 'Edmond'

Read more

REPORTERS

Getting away with murder in DR Congo

Read more

IN THE PAPERS

'Why does Italy refuse to see the seismic risk?'

Read more

Business

Reforms need global consensus, UK finance minister tells FRANCE 24

Text by FRANCE 24

Latest update : 2010-02-05

Speaking to FRANCE 24 at the World Economic Forum in Davos, the UK chancellor of the exchequer, Alistair Darling, said international agreements are paramount if banking reforms are to be successful.

The UK chancellor of the exchequer, Alistair Darling, has said that international agreements are a condition for successful banking reform. In an interview with France 24’s Raphael Kahn, the British treasury chief stressed that to resolve the financial crisis, international cooperation and sufficient capital for banks are more important than limiting the scope of their activities.

"What I want above all is international agreement," he said. "I don't think that you can have agreements like this that apply only to one country or only in one place. That's why achieving international agreement is so important."

US President Barack Obama last week laid out proposals that would limit the activities commercial banks and financial institutions could engage in. Obama also said he would seek to curb the size of any one financial firm in relation to the entire sector.

The initiative prompted an urgent call from presidents, prime ministers and central bank chiefs at the World Economic Forum for new regulations coordinated on an international level. But some leaders, such as Darling, hesitated to put an accent on limiting the scope of the financial institutions.

“It was the interconnections between the banks, and their failure to understand the consequences, that started the problem. You need a strong regulatory system, you need more capital, but above all what you need is a global agreement,” Darling insisted.

Date created : 2010-01-31

  • WORLD ECONOMIC FORUM

    Officials tell bankers at Davos that regulation is coming

    Read more

COMMENT(S)