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To: John Hunt who wrote (16640)	10/2/1998 6:37:00 AM
From: Link Lady	Read Replies (1) \| Respond to 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

To: John Hunt who wrote (16640)	10/2/1998 8:17:00 AM
From: Behrooz Rezai	Read Replies (1) \| Respond to of 18056

John - Can you explain hedge funds please? Thanks -BR