HISTORIC PRESS RELEASE : Prime Minister Gordon Brown outlines EU economy stance [November 2008]

The press release issued by 10 Downing Street on 7 November 2008.

The Prime Minister has listed a number of agreed steps that the EU will look to secure at next week’s global summit on the world economy in Washington.

Speaking to journalists in Brussels after today’s special EU Council, the PM said that Europe would seek reform of the international financial system, agreed accounting standards, transparency in markets and a shake-up of the International Monetary Fund.

Mr Brown reiterated his call for reform of the financial system to be based on the principles of transparency, integrity, responsibility, sound banking and global cooperation and that it should go hand in hand with the building of an early warning system and new methods of cross-border supervision.

Referring to the need to reform the International Monetary Fund, the PM said it was not possible to “deal with the problems of 2008 with the institutions of 1945″.

Mr Brown also said that he welcomed the decision by several banks in the UK to pass on yesterday’s Bank of England interest rate cut to “customers, families and businesses”.

World leaders will gather in Washington on November 14 and 15 for a special summit on the financial crisis to be hosted by President George Bush.