Don't miss

Replay


LATEST SHOWS

REVISITED

After key battle, Syrian town of Kobane looks to the future

Read more

THE INTERVIEW

'War is not an option,' says former FARC guerrilla leader

Read more

EYE ON AFRICA

Madagascar political crisis: top court orders formation of unity government

Read more

MEDIAWATCH

Ireland's abortion referendum

Read more

THE WORLD THIS WEEK

Weinstein in court; Ireland abortion vote; Italy's populist takeover

Read more

YOU ARE HERE

Sugar and spice: The flavours of the French Caribbean

Read more

FRENCH CONNECTIONS

The French are so rude! Or are they?

Read more

ENCORE!

The writing's on the wall: Revolutionary posters from May 68

Read more

REPORTERS

'We heard there might be a civil war': May 68 seen from abroad

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)