Brown wants global cooperation over credit crisis
Gordon Brown is in New York to address economic crisis
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Thursday, 25, Sep 2008 07:57
The global financial crisis can be met by the international community working together, Gordon Brown has said.
The prime minister, speaking to reporters in New York after meetings with world leaders, said he had talked to "every continent in the last few hours" over a number of proposals he is putting forward.
Mr Brown wants a global early warning system to be put in place as well as a "college of supervisors" to enforce more rigorous international regulation of firms operating in more than one country.
"I think people are starting to realise we must take action as soon as possible so we can build confidence in the international system as well," he said.
"The important thing now is we stabilise the system, we then move forward as quickly as possible with a timetable of action for the changes that are necessary."
Mr Brown threw his support behind the $700 billion (£377 billion) rescue plan put forward by US president George Bush, saying it was an "essential element" to rebuild confidence in the US' system.
He explained different countries need different measures, saying Britain has a smaller number of institutions and pointing out its "special liquidity facility" which has made available more than £100 billion.
"Each country will do what is necessary for their country to do," he added.
The prime minister will fly to the White House for talks with George Bush tomorrow. Security issues like Georgia are expected to be included in the talks, before Mr Brown addresses the UN on the millennium development goals.