Required to tighten control over the global financial system

British Prime Minister Gordon Brown and Brazilian President Lula da Silva to tighten control over the global financial system. At a meeting in Chile to prepare for the summit of the Group of Twenty meeting in London next Thursday, said that the absence of da sword restrictions on the world economy to a "large casino" he said, adding, "We reject in the end, blind faith in the market." But U.S. Vice President Joseph Biden, asked at a news conference at the end of a summit in the resort of Vina del Mar in Chile, caution about the tightening of control, saying, "It must not react too much ... the free market still need to be able to work. " The exchange of leaders from South American and Europe in addition to the views of the United States during the summit of Chile, there were repeated calls to tighten controls over the financial markets in the world and the reform of financial institutions. Brown said that the market can not regulate itself, and stressed that the banks can not be left without supervision. He also pointed out that supervision must be across the border because the banks operate in all parts of the world. Brown pointed out that he would urge the major economies in the world during the twenty-establishment of a fund worth 100 billion dollars to stimulate international trade. Deep divisions However, the preparatory meetings for the Summit revealed deep divisions on the steps necessary to stop the decline and reform of financial system is disabled since August 2007 under the weight of bad assets of banks. Has now disappeared from the modern ambitious new Bretton Woods conference like the famous re-formed the global financial system in 1944 instead of the officials speaking on the gradual progress in the supervision of a new system to avoid future crises. In the meantime, European countries generally refuse to call Brown and U.S. President Barack Obama to more government spending. He said Finance Minister Peer Steinbrueck of Germany that the lack of fiscal discipline could damage the euro. On the other hand, the Americans show the least enthusiastic of Europe towards the development of financial control of new, more stringent. Says James Knightley, an economist, "It seems increasingly that the meetings of the Group of Twenty will probably very little to promote confidence and the economic outlook in the medium term because of the contradiction between the position of the United States, Britain and other major economies." It is expected to reach an agreement to increase the resources of the International Monetary Fund amounting to 250 billion dollars to more than double to help the states ravaged by the crisis, particularly in light of Beijing enthusiasm for the plan. The number of ministers in the government of Brown's summit next week is only one step on the path towards a long recovery, and warn the world of the dangers of giving priority to the rhetoric on the substance.
Restore confidence
Said Mark Malloch Brown, British Minister of State for Foreign Affairs of the debate on the Internet last Friday that the central objective of the summit next Thursday should be to restore the confidence of investors and consumers. "What the leaders do not, they clearly increase the feelings of drift and the crisis", stressing at the same time that the summit will not provide prompt treatment. Malloch Brown said, "We believe the global economy will not change for the better on the third of April, therefore, may be considered the beginning of the end of the crisis and the moment where the leaders were able to move in a new direction and new influence."