tag:blogger.com,1999:blog-8212152.post-74817581013324067332008-04-05T07:54:00.000+01:002008-04-05T07:54:00.000+01:002008-04-05T07:54:00.000+01:00BBC website Sat 5 April<BR/><BR/>Brown warns on global cash crisis <BR/> <BR/>Mr Brown says global structures set up after World War II are out of date <BR/>The world is facing "the first truly global financial crisis", the prime minister has told leaders. <BR/><BR/>Gordon Brown said institutions such as the World Bank and United Nations need reform to tackle the double threat of economic turmoil and climate change. <BR/><BR/>He is hosting the two-day gathering in Watford due to be attended by delegates including ex-US president Bill Clinton and Australian PM Kevin Rudd. <BR/><BR/>Topics including climate change and development will be on the agenda. <BR/><BR/>South African President Thabo Mbeki, New Zealand Prime Minister Helen Clark and EU representatives are also taking part. <BR/><BR/>'Early warning system' <BR/><BR/>Speaking at the start of the Progressive Governance conference of centre-left leaders and politicians, Mr Brown said that the old institutions established in the aftermath of World War II are now unable to cope. <BR/><BR/>"We now have to reshape our global rules and global institutions for this new era," he said. <BR/><BR/>"We are facing a global financial crisis which is probably the first truly global financial crisis of the modern world. <BR/><BR/>"We have to reform our global financial institutions. It is absolutely clear that the national supervision that we have is inadequate and we need a global agreement." <BR/><BR/>The prime minister said the International Monetary Fund (IMF) needed complete re-structuring so it could act as an "early warning system" for the international economy. <BR/><BR/>He said the World Bank should help developing nations move towards cleaner economic development. <BR/><BR/>Mr Brown also suggested there should be an international reserve force of volunteers ready to help rebuild countries such as Rwanda and Bosnia following global crises.robbienoreply@blogger.com