The Prime Minister has said that the upcoming G20 Summit in London must be used to tackle the “root causes” of the global recession and reshape financial regulation around the world.
Speaking at a joint press conference with German Chancellor Angela Merkel in Downing Street today, the PM said that the international community was building an agreement on “the biggest fiscal stimulus the world has ever seen” as well as on the shape of future fiscal and monetary policy.
Mr Brown highlighted the London Summit scheduled for 2 April as a chance to “go further” in dealing with the credit crunch and its effects. While markets should remain free following any reform programme they should not be “values free”, he added.
Chancellor Merkel said she was optimistic that agreement would be reached with the US on a financial reform package and that the G20 nations would ensure that there are “no places in the world that can escape supervision”.
Mrs Merkel urged continued international cooperation and said that any country acting in isolation “will not be able to solve problems of this magnitude”.
Both leaders welcomed the recent decision by nations such as Switzerland and Andorra to sign up to international standards on tax compliance. The PM said that “old tax havens have no place in this new world” and called upon all countries to share tax information with one another.
Finance ministers from G20 nations also met in the UK today to discuss preparations for the London Summit. Speaking ahead of the meeting, Chancellor Alistair Darling said its purpose was “to get a commitment that countries at this time will not hold back if it’s necessary to put more money into the economy”.
Speeches and transcripts: Press conference with Chancellor Merkel
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