IMF chief calls G20 to action

[lovuian]

http://feeds.bignewsnetwork.com/index.php?sid=428479
snip...

In his letter to the leaders, sent Nov 6, Strauss-Kahn said the Washington summit meeting should tackle two broad themes:

* Deal with the immediate fallout from the financial crisis, for example through coordinated policy responses and by providing financing to restore confidence and growth;

* Tackle longer-term issues relating to the international financial architecture, such as fixing, what he termed 'an inadequate regulatory system' and developing a reliable early warning and response system.

Strauss-Kahn, a former French finance minister who took over as head of the IMF one year ago, said the design of financial regulation around the world requires a rethink, including regulating some aspects that had previously not been regulated.

But he said that ultimately, regulation had to be done by national authorities, 'subject to surveillance by a body or network of institutions alert to systemic implications across financial instruments, markets and countries.'

The IMF, he said, had already begun intensifying its early warning capabilities and would strengthen collaboration with others in this area.

He strongly endorsed recent proposals for a new Bretton Woods agreement, a reference to the original pact reached in 1944 to establish the International Monetary Fund and the World Bank following World War II.
more...

I sure hope Obama will be there and I know America is going to get screwed

[HeresyLives]

1. Half-measures won't work.

Either do it right, or hit the bunkers.

[jwirr]

2. It always bothers me when the IMF or the World Bank decide to fix

a problem because they are part of the problem.