Downing Street Says » Global Financial Regulator

» Monday, February 16, 2009

Global Financial Regulator

Asked whether the Prime Minister agreed with the need for a global financial regulator, the Prime Minister’s Spokesman (PMS) told the assembled journalists that our general position was that we certainly see the case for greater global coordination and cooperation of regulation of the financial sector and that this was a point the Prime Minister had been making for many years. We will be discussing with our G20 partners how we take forward some of those ideas in the period ahead. The PMS said that we had never argued specifically for a new global regulator, that this was more about greater cooperation and strengthening of the existing international bodies.

Asked whether this could be done within the IMF, the PMS said that we have argued for a strengthening of the surveillance function of the IMF and for the IMF to play a stronger role in relation to early warning systems for the global economy.

Asked whether the Prime Minister was interested in heading this regulatory body and whether it was actively being considered, the PMS replied that there were about three assumptions in the question, none of which he would agree with. That particular suggestion was nonsense and seemed to be based on the journalist involved seemingly having some great insight into the thoughts of Angela Merkel, which struck us as quite unlikely.

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