Bush and Brown to create joint banking work group

Mar 31, 2008, 8:35 GMT

London - Britain and the United States plan a joint Anglo-US financial working group to improve monitoring of the international financial system, the Financial Times said Monday.

According to the paper, British Chancellor of the Exchequer Alistair Darling and US Treasury Secretary Henry Paulson agreed last week to set up the group, which is to prepare proposals for better monitoring and regulation of the international financial markets.

Darling is expected to present the finalized plans, including membership and terms of reference, at a meeting of the G7 finance ministers on April 11 in Washington.

US President George W Bush and British Prime Minister Gordon Brown will discuss further steps for stricter monitoring of international financial transactions during this week's NATO summit in Bucharest, the paper said, quoting British government sources.

The main goal was a joint approach to the international financial crisis that has hit both countries hard.

The joint working group's tasks will be to look into the role of agencies for evaluating credit and investment risks and increase transparency in the evaluation of complex financial products, the paper said.