Brown Calls for 'Global New Deal'

At Berlin meeting, British PM says world needs $500B rescue
By Jason Farago,  Newser Staff
Posted Feb 23, 2009 6:13 AM CST
European leaders backed sweeping new regulations for financial markets and hedge funds at a summit Sunday in Berlin as politicians and nations scrambled to tame the global economic crisis.    (AP Photo/Herbert Knosowski)
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(Newser) – The world needs to unite on a "global New Deal" to end the economic crisis, Gordon Brown said yesterday at a European summit. The British prime minister, who is chairing April's meeting of the G20, joined colleagues from France and Germany to call for a major overhaul of the world's financial system, including greater international regulation. Brown estimated that global institutions like the IMF would need about $500 billion to do the job.

"We need a global New Deal—a grand bargain between the countries and continents of this world—so that the world economy can not only recover, but so the banking system can be based on best principles," Brown said.