Darling Says Global Bank Rules Needed to Cope With Bank Crisis
July 13 (Bloomberg) -- U.K. Chancellor of the Exchequer Alistair Darling, following a meeting with U.S. Treasury Secretary Timothy Geithner, said the world needs a global rulebook for banks to prevent future crises.
“We have made substantial progress in stabilizing the banking system and putting in significant measures to stabilize the economy,” Darling told reporters in London today. “That is having an effect.
‘There is recognition that because banking is global it needs to be dealt with in the global arena. There is also recognition that many issues need international cooperation.’’
Darling said he expects ‘‘in September that progress will be made’’ when leaders of the Group of 20 nations meet in Pittsburg. He said finance ministers of the G-20 will meet in London on Sept. 4 and Sept. 5.
The finance minister said he expects the U.K. economy to start growing again at the end of 2009, though there are still risks from a surge in commodity prices and stagnant global trade.
To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net
Last Updated: July 13, 2009 08:54 EDT
July 13 (Bloomberg) -- U.K. Chancellor of the Exchequer Alistair Darling, following a meeting with U.S. Treasury Secretary Timothy Geithner, said the world needs a global rulebook for banks to prevent future crises.
“We have made substantial progress in stabilizing the banking system and putting in significant measures to stabilize the economy,” Darling told reporters in London today. “That is having an effect.
‘There is recognition that because banking is global it needs to be dealt with in the global arena. There is also recognition that many issues need international cooperation.’’
Darling said he expects ‘‘in September that progress will be made’’ when leaders of the Group of 20 nations meet in Pittsburg. He said finance ministers of the G-20 will meet in London on Sept. 4 and Sept. 5.
The finance minister said he expects the U.K. economy to start growing again at the end of 2009, though there are still risks from a surge in commodity prices and stagnant global trade.
To contact the reporter on this story: Gonzalo Vina in London at gvina@bloomberg.net
Last Updated: July 13, 2009 08:54 EDT
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