Brown to offer plan to fix global crisis

By Rich Bowden, M&C Staff Writer Jan 25, 2008, 8:55 GMT

(FILE) British Prime Minister Gordon Brown (L) with his Indian counterpart Manmohan Singh during a joint press conference in New Delhi, 21 January 2008. EPA/STR

(M&C) - Prime Minister Gordon Brown has set out a plan to resolve the current world financial problems and restore global market stability.

In an article for the Financial Times prior to the World Economic Forum in Davos, Switzerland, Mr Brown wrote there was a window of opportunity for change saying financial market turbulence was the world's "biggest test in more than a decade", and has "exposed four big questions and issues for policymakers around the globe."

These four issues are according to Mr Brown: transparency deficit throughout the financial system, a lack of cross-border co-operation between national regulators, the role of fiscal policy in supporting monetary policy, and the threat of protectionism.

Mr Brown wrote: "Turbulent conditions, throughout history, have been an opportunity for reform."

"This latest test of world financial systems presents a window in which to address fundamental issues that, if tackled properly, will improve economic management, regulation and the fight against inflation, and help us prevent similar crises in the future."

Mr Brown said he blamed banks, financial institutions and hedge funds for much of the market volatility currently being experienced around the world. He is due to address the World Economic Forum later today.