British Prime Minister Gordon Brown called for more rigorous global supervision of the banking system on Saturday, saying no hedge fund or tax haven should be allowed to fall through the cracks. Speaking at the ruling Labour Party's National Policy Forum in Bristol, he also called for the global mandate of international institutions to be beefed up to deliver growth and jobs, especially for the world's poorest countries.
"I want us to do what was advocated by our country years ago," Brown said. "To have global supervision of what is a shadow global system. I want there to be no hiding place for special investment vehicles, for hedge funds or tax havens."
Britain will host a meeting of G20 leaders on April 2 with pressure growing on policymakers to act on pledges to make the financial system more transparent.
"Because this is a world-wide problem of banking failures we are now looking with our other colleagues internationally at how across all parts of the world we can bring under supervision what is an international shadow banking system," Brown said. Brown had tough words for the bankers whose dodgy lending practices and bonus culture brought the international financial system to the brink of collapse. "Some practices are indefensible and they have got to be cleaned up now," he said. "It's time to set new rules for the banks of all countries."
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