Global financial ministry on the way?(Inside Track)(Brief article)

In the midst of the hubbub in Washington over the proposed $700 billion congressional bailout, British Prime Minister Gordon Brown and Chancellor of the Exchequer Alistair Darling are promoting a long-term international solution: a new global regime for managing the world's finances.

In a speech to Labor Party members on September 22, Darling drew the tedious and inevitable parallels between the financial crisis and other global problems: "Just as one government alone cannot combat global terrorism, just as one government alone cannot combat climate change, so one government alone cannot deal with the consequences of globalisation." The following day, Brown independently confirmed his commitment to a new global regime, telling Labor Party members in ...