Posted on May - 31 - 2010
G20 must match reforms
SEOUL – US FEDERAL Reserve Chairman Ben Bernanke called on Monday for the Group of 20 world powers to coordinate financial reforms more closely in order to strengthen the global economy.
Addressing a Bank of Korea conference via video link, Mr Bernanke said there was a need for ‘extensive international cooperation’ as governments overhaul market rules in the wake of the global economic downturn.
‘On a global level, the leadership of the… G20 – which Korea is currently chairing – will be essential in ensuring that reforms are not only strong and effective but also consistent and coordinated across countries,’ he said.
G20 finance ministers will meet in Busan, South Korea, later this week for talks likely to be dominated by the continued fallout from the global crisis.
‘Strengthening the international financial system and ensuring that financial institutions are carefully regulated, well capitalised, liquid, and transparent will require extensive international cooperation,’ Mr Bernanke said.
Governments worldwide are drawing up new measures to curb the excesses of financial institutions blamed for pushing many economies to the brink. But critics say national efforts will be largely ineffective in an age when banks and investment houses can make cross-border trades in a fraction of a second. G20 leaders will hold a summit in Canada in late June and another in Seoul in November. — AFP
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