Downing Street Says » Global Economy

» Thursday, January 29, 2009

Global Economy

Asked for the Prime Minister s reaction to the chairman of the Financial Services Authority s (FSA) comments that better international coordination would have made little difference to the course of the current credit problem, the PMS said that we needed to look at the wider context of those comments, but it was widely accepted that there was a need for greater international cooperation given the global nature of financial markets.

Asked if greater international cooperation would have prevented the current credit problem, the PMS said that the Prime Minister was still of the view he took ten years ago that we needed to have better global cooperation and that that could have helped some of the recent issues.

Put that the Russian sherpa had commented yesterday that there was a chance that some countries could renege on the commitments they made in Washington recently regarding the global slowdown, the PMS said that he had not seen the Russian sherpa s remarks, but what we had seen and what we would continue to see was an increased determination across the world to take action to deal with what the International Monetary Fund yesterday called a global economic slump. We had recently seen action taken in the US, Canada and Germany at the Washington summit.

Asked about the scheme the Prime Minister mentioned this morning to defer interest payments, the PMS said that we were in discussions with the banks and announcements could be expected shortly.

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