Addressing world leaders at the G20 Summit, British prime minister, Gordon Brown, said:
“The world lacks a proper early warning system…we have never given anybody sufficient teeth so that their views are treated so seriously that people will immediately have to act when that early warning is given.” Mr. Geithner agrees: “I am skeptical about the ability of central banks and regulators to provide early warnings of crises. We need to build a system that is safe against uncertainty, against ignorance, against the failure to identify the future source of crisis.” Look no further chaps.
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I’m concerned that the IMF has too much power. This is after all a semi-private institution. Who will oversee the oversight board? Overall though, I believe the benefits outweigh the risks. For the world economy to recover it needs to be a unified effort free of protectionist policies. Let’s hope the IMF can focus on doing good over making money for the wealthy! Nice to see Gordon Browne stepping up as a true leader.