|
A selection of comments by Gordon Brown in recent months on the prospects for the G20 summit.
NOVEMBER 26, 2008, HOUSE OF COMMONS
I can tell the House today that we've agreed with our international partners, and particularly with Japan, which is current president of the G8, and Premier Aso, that the next meeting of the G20 will be held in London. It will be held in London on 2 April. It will deal with the major questions of economic action that are necessary.
DECEMBER 3, 2008 (Queen's Speech briefing)
As the incoming chair of the G20, the UK will set out over the coming weeks the schedule of events and papers that will take us to the Summit. The summit will be an opportunity to review progress on the Action Plan for strengthening financial regulation; to consider the impact our macroeconomic policy actions have had on the world economy, and the need for a further coordinated response; and set out a clear process for reform of the International Financial Institutions to make them fit for an age of global capital. We will use it to generate global growth and jobs.
JANUARY 26, 2009, SPEECH TO FOREIGN PRESS ASSOC'N
As we focus on the London G20 Summit at the start of April the priorities I believe are clear. As a first step we must build upon the platform of the Financial Stability Forum to create the framework for international governance that we currently lack. I am therefore keen for the membership of the Financial Stability Forum to be widened, for its role working with the IMF and the Bank of International Settlements to be put on a clearer and stronger footing. Secondly... at the G20 in April we should seek to discuss the charter of principles that would guide financial regulation and supervision and one which we can all follow... if financial firms are doing similar things then the principles by which they are regulated must be the same, regardless of their business models and countries of origin. And third, just as the regulatory system has to accept common standards, so too must financial institutions. We need agreed transparency and agreed standards of corporate governance, including an international standard of best practice for financial institutions. We need to consider how best to strengthen risk management and incentive structures inside banks. Rewards need to be linked, not to short term irresponsible and excessive risk-taking, but to hard work, merit, enterprise and long term and responsible risk-taking... the simple rule of a board must be if you don't understand the risk then don't take it.
JANUARY 30: DAVOS
This is the first financial crisis of the global age. And there is no clear map that has been set out from past experience to deal with it. We have a choice what happens next. It is time for action and it is a time for having the confidence to act.
FEBRUARY 12: BEFORE COMMITTEE OF MPS
We will push ahead at the G20 meetings in London for reforms not only of national systems but for international regulations for the banking system. What we have done [in the UK], with a few exceptions, has now been followed by other countries around the world.
MARCH 1: BRUSSELS
Bold global action, a global grand bargain, is not now just necessary but it is vitally urgent.
MARCH 4: SPEECH TO US CONGRESS
An economic hurricane has swept the world, creating a crisis of credit and of confidence. History has brought us now to a point where change is essential. We are summoned not just to manage our times but to transform them.
MARCH 10: BBC INTERVIEW
We can't find a solution unless we know we have got to sort out the banking system right across the world.
MARCH 14, PRESS CONFERENCE WITH MERKEL
Chancellor Merkel and I also agree that a central challenge for the summit will be to go to the root cause of the current crisis, and that is the need to reshape our banking and financial supervision and regulation across the world. We have to address the fact that a bad bank in one country can undermine good banks in every country, and that multi billion dollar markets still exist outside the supervisory net. We know that strategies for diversifying ownership by spreading the risks ended up simply in spreading contagion and contamination across the world.
MARCH 24: EUROPEAN PARLIAMENT
I propose that we in Europe take a central role in replacing what was once called the old Washington consensus with a new principled economy for our times. Instead of heading for the rocks of isolation, let us together chart the course of co-operation. That is in all our national interests.
MARCH 25: WALL STREET
We will have to take action in London to make sure that the banking system is reformed, to ensure ourselves that our financial institutions can come to the aid of the poorest countries and to make sure we do what is necessary to ensure there is strong growth and recovery. I've always said that the speed at which we'll recover will depend on the international cooperation we can achieve. And a lot therefore depends on what we can achieve at the G20 and the G8 and in discussions at other meetings.
MARCH 26: BRAZIL
It is easy to be cynical. It is easy to say nothing can ever work but we have taken action. I haven't been going round the world talking to leaders in every country simply to say we are having a communique. I am going back to say here are the things we are going to do. My job is to enable this consensus to be built not just between the US and Britain or Europe and US but right round the world in a unique situation.
MARCH 30: DOWNING STREET PRESS CONFERENCE
The world is coming together and the results of this week will show that global problems... require global solutions. I believe the world will rise to the challenge and defeat those who say doing nothing is an option and defeat those who say protectionism is an option. I think you will find that we are prepared to do whatever is necessary to restore the world economy to the growth it needs and I believe the discussions we are having will show results in that way by the time we get to Thursday.
|
One-Minute World News
E-mail this to a friend
Printable version
BBC News
Bookmark with:
What are these?