October 20, 2008

EU Calls for finance overhaul

The finance leaders from the UK and Germany have joined forces with their counterparts from France to back an idea, which could see an international banking summit this year, which could pave the way for plans to be put in place to prevent the financial crisis from getting worse.

There is a fear that the industry in the US could still get worse and that this could still spread across the Atlantic to Europe damaging the work that has already been done to keep the banking industry afloat.

There have even been calls by the UK’s Prime Minister, Gordon Brown for the International Monetary Fund (IMF) to be rebuilt and then used as the base for a new global regulator; this is probably a good idea as the banking industry is now global rather than regional.

Source [France 24]