Brown says radical changes needed to IMF and World Bank

Sean O’Grady
The Independent
January 26, 2008

Gordon Brown yesterday warned that there was “bad news still to come” about the world economy and called for radical change in the world’s international financial institutions – the International Monetary Fund (IMF) and the World Bank.

The Prime Minister told participants at the World Economic Forum that the IMF, World Bank and the United Nations were not suited to the 21st century, having been founded to meet the challenges of the 1940s, a world of 50 nation states and sheltered economies.

The world, Mr Brown told his audience, had “no proper mechanisms” to deal with climate change, failed states, health pandemics, and globalisation. Mr Brown said that there was “not enough globalisation” when it came to world bodies, and that organisations such as the IMF needed to work better as “early warnings systems” of problems in the financial system.

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