Prime Minister, Gordon Brown, monthly press conference
Prime Minister, Gordon Brown, monthly press conference; Question:On the financial crisis there has been a lot of talk over the last six months of measures the international community can take to tackle the crisis, and you have given a list there about transparency, the role of credit agencies and so forth. Aren't you at all concerned that by the time you actually get round to doing something about this, rather than just talking about it, you will be regulating the last crisis, as usual?Prime Minister:Well that is why I want to see action at the G7 meeting that takes place in a few days time, and at the IMF meeting, and that is why I want the Financial Stability Forum's regulators to be in daily contact. And so I am saying now, as are other authorities, that we have got to make these changes immediately. I believe there is now a will in the international community to do so. The Chancellor is putting forward these proposals, not just to the American authorities but to all G7 authorities, and to the IMF, and to the Financial Stability Forum, and I think we will get agreement on these in the very near future. You have got to go back to 1998 when I was Chancellor of the Exchequer. After the Asian crisis we did bring in measures to ensure that there was greater attention to crisis prevention, we did make it possible where there were state issues like reserves off central banks that there could no longer be that lack of transparency. We have now discovered in the private sector that off balance sheet activities that have never been properly declared can threaten and risk the credit worthiness of the whole system. And that is why we need to take this action to ensure that there is proper transparency and disclosure. It is not a blanket regulation, it is not over-active regulation, it is simply transparency so that the markets can work as informed and educated markets in future and that is why I think there is a growing consensus that these things should be do...





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