Downing Street Says » Financial Markets

» Monday, March 17, 2008

Financial Markets

Asked if the Prime Minister had been taking an interest in what was going on in Wall Street, and was he involved actively in monitoring how world markets were reacting, the PMS replied of course, as you would expect. In particular the tripartite authorities here in the UK, the Bank of England, the Treasury, and the Financial Services Authority, had been in close contact with their US counterparts over the weekend and were continuing to closely monitor developments in the markets. On the more general issue of stability and international financial markets, this was an issue that was discussed extensively at the European Council meeting on Thursday and Friday last week, and the Prime Minister would be updating the house on where those discussions got to this afternoon.

Asked what follow up there had been to the meeting here earlier this year, the PMS replied that the follow up to that meeting was that these issues were discussed first of all by ECOFIN, and then more generally by the European Council. They were also being discussed with the G7, and no doubt would be continue to be discussed going forward. But the Prime Minister would be updating the House on all of these matters this afternoon. He would be talking more generally about the discussions that took place at the European Council meeting where the broader question of stability and international financial markets was mentioned and discussed.

Asked if the Prime Minister had discussed this with his predecessor who was now an advisor to JP Morgan, the PMS replied that the Prime Minister talked regularly with his predecessor, but we wouldn’t normally comment on the content of those discussions.

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