Tuesday, January 29, 2008

Europe's leaders 10 Downing Street

Europe's political leaders meet at Number 10 Downing Street, first time ever...

The leaders of Europe's biggest economies have called on financial institutions to improve transparency in all their activities.

UK Prime Minister Gordon Brown met his French, German and Italian counterparts at Downing Street to discuss the recent global market turmoil.

The leaders also called on the IMF and other bodies to monitor risks better.

If the finance industry did not address their concerns, they said they would consider imposing regulatory measures.

"We need a better early warning system for the global economy," Mr Brown told reporters.

"We want the prompt and full disclosure of the write-offs that are now to take place as soon as possible; I think these are the immediate things people want to be done," Mr Brown said.

Somethings cooking, are they going to deal with the financial institutions and let us have a debt free life? No... but worth a dream. Apparently investors need to understand the complex methods of credit creation, surely it would be better to not have this credit creation system given to anyone who could keep the workings secretive. By not being open they are at liberty to abuse the system and we all know if we printed unaccountable credit / money we would be rich ourselves.

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