Sunday, February 1, 2009

Davos ’09: Crises Roadmap from the World Economic Forum

Brown: World Bank, IMF 'out of date'

British Prime Minister Gordon Brown has called on world leaders to set about reforming international financial institutions to prevent a repeat of the circumstances that led to the current financial crisis.

Gordon Brown said governments were dealing with the "first financial crisis of the global age."

Speaking to CNN's Christiane Amanpour during a session Saturday, Jan. 31, at the World Economic Forum, Brown said leaders would have failed unless they used the crisis to build a "greener, more digital and more highly skilled economy."

Brown also said the world needed a new Bretton Woods agreement, referring to the 1944 conference that laid the foundations of the post-World War II economic order by creating the World Bank and the International Monetary Fund.

"We've got to be far bolder and far more imaginative," Brown said. "We want to create a global society. But we need to have global institutions that work and the problem is the institutions we built 60 years ago are out of date."

With world financial ministers due to gather in London in April for the G20 summit, Brown said governments were dealing with the "first financial crisis of the global age." CNN Interview
+ Video (8 min.)

Global Economic Charter

Chancellor Angela Merkel of Germany called Friday, Jan. 30, for the creation of an international economic body, similar to the United Nations Security Council, to help avert the kind of wrenching financial crisis currently engulfing the world. International Herald Tribune

No Answer To Global Meltdown?

Nobel Peace Prize winner Muhammad Yunus, founder of the Grameen Bank in Bangladesh and the father of microcredit, saw a silver lining in the financial crisis.

"It's not just disappointment and frustrations," he told AP. "This is the greatest moment we have because things need to be changed, it's as simple as that. We don't want to go back to the same normalcy that we're coming from. We will create a new normalcy which will stay and keep on moving and change the world." Washington Post\AP


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