Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

NYT: Germanwings pilot was locked out of cockpit before crash

Read more

BUSINESS DAILY

A food goliath in the making

Read more

IN THE PAPERS

Fans distraught as Zayn leaves One Direction

Read more

FOCUS

French baking taking over the world

Read more

ENCORE!

Carl Barat’s Glory Days

Read more

DEBATE

French Alps plane crash: Investigators have no explanation so far (part 1)

Read more

DEBATE

French Alps plane crash: Investigators have no explanation so far (part 2)

Read more

EYE ON AFRICA

Nigeria's Agriculture Minister defends Goodluck Jonathan's track record

Read more

WEB NEWS

Mexico wants Carmen Arestegui back on air

Read more

Business

Reforms need global consensus, UK finance minister tells FRANCE 24

Video by Stéphanie ANTOINE , Raphaël KAHANE

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)