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Pastimes : Ask Mohan about the Market
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To: John Hunt who wrote (16640)10/2/1998 6:37:00 AM
From: Link Lady  Read Replies (1) of 18056
 
U.K.'s Brown: Insufficient G-7 Coordination On Econ Crises

LONDON (Dow Jones)--There is insufficient coordination among the Group of
Seven leading industrial countries in dealing with global economic crises,
U.K. Chancellor of the Exchequer Gordon Brown said Friday.
Speaking in a BBC radio interview from Washington, Brown said he expects to
see big changes in the way institutions deal with these matters.
Brown said the international financial supervisory system needs to be
reformed, and he will be pressing for reforms with his G-7 colleagues during
the upcoming International Monetary Fund/World Bank annual meeting in
Washington.
'It's clear we need a response now,' Brown said.
He said his reform suggestions will be urged to U.S. Treasury Secretary
Robert Rubin, Federal Reserve Chairman Alan Greenspan and IMF Managing
Director Michel Camdessus later Friday.
'What we're suggesting is that the financial architecture has to be
rewritten for a new age,' Brown said. 'There is insufficient coordination. We
saw that when we were dealing with the problems of hedge funds and when we've
been dealing with crises in Asia.'
Brown has proposed a special standing committee of the World Bank, the IMF,
regulators and central bankers that would meet regularly to examine problems
with financial disclosure and set up early warning systems to avoid ad hoc

responses to problems as they arise.
Much of the Asian crisis, he said, could have been avoided with 'proper
disclosure' and might not have worsened so much if there was 'proper financial
regulation.'
-By Rob Fisher; +44 -171 -832 -9125;rob.fisher@cor.dowjones.com
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