07-04-2008
Gordon Brown issues warning on global crisis
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UK prime minister Gordon Brown has confirmed that the world is currently facing a financial crisis of global scope.
Forewarning that current conditions represent "the first truly global financial crisis", Mr Brown also stressed the need for the reform of international financial institutions.
"We are facing a global financial crisis which is probably the first truly global financial crisis of the modern world," said Mr Brown.
"It is absolutely clear that the national supervision that we have is inadequate and we need a global agreement."
Mr Brown made his comments at the Progressive Governance conference, an event held over a period of two days in Watford.
It was noted by the UK prime minister that organisations such as the United Nations and the World Bank are in need of change.
Among the participants of the post-conference summit was the chancellor of Austria and the prime minister of Slovakia.