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BERLIN, Germany (CNN) -- The world needs a "global New Deal" to haul it out of the economic crisis it faces, Prime Minister Gordon Brown of the United Kingdom said Sunday.
"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," he said, referring to the 1930s American plan to fight the Great Depression.
March 6 (Bloomberg) -- Gordon Brown called on Group of 20 nations to agree a code on pay for bankers that would prevent institutions from rewarding bonuses that encourage risky behavior.
The U.K. prime minister, who returned yesterday from meeting President Barack Obama in Washington, told Labour Party members in Scotland that he wanted governments to agree together how they would regulate compensation systems.
“We cannot allow a race to the bottom in standards when we need to see the best standards all round,” Brown said in a speech to the Scottish Labour conference in Dundee. “We must agree international principles to end that short-term bonus culture and instead reward long-term sustainable results.”
The comments are aimed at getting G-20 support for action to reshape the banking industry after market turmoil forced governments around the world to provide more than $495 billion in support for institutions. Brown hosts a summit of G-20 leaders in London on April 2.
Brown is counting on the G-20 summit to revive his political fortunes after the Conservative opposition cut deeper into his popularity. With the next general election due by June 2010 at the latest, voter support for Labour has declined as Brown ordered additional measures to rescue banks.
Ministers were struggling to maintain momentum for the G20 last night after it emerged that any spending decisions would be deferred to a later summit, further narrowing the scope of the London talks, which have been plagued by divisions between European leaders and Gordon Brown.
Yesterday, Kevin Rudd, the Australian prime minister who will hold pre-summit talks with Brown tomorrow, said it was now up to the International Monetary Fund to determine how much additional support the world economy would need next year...
Gordon Brown has made an overtly religious call for a new world order based on the 'deep moral sense' shared by all faiths.
Making the first speech by a serving Prime Minister at St Paul's Cathedral in London, he quoted scripture as he urged people to unite to forge a new 'global society'.
The Prime Minister argued that through all faiths, traditions and heritages runs a 'single powerful modern sense demanding responsibility from all and fairness to all'.
He quoted the Christian doctrine of 'do to others what you would have them do unto you' and highlighted similar principles in Judaism, Islam, Hinduism and Sikhism.
London, 2 Apr. - From the G20 in London, a "new world order" is emerging. So announced the British Prime Minister, Gordon Brown, to a press conference. "First of all, for the first time, we have together fixed the principles for a reform of the global banking system," Brown said, "This is a vast programme of measures which for the first time brings the shadow banking system, including hedge funds, within the network of global reglulation. We have agreed on the need to set international accountancy standards, we shall set rules for the rating agencies to eliminate conflicts of interest; we have arrived at an agreement to put an end to tax havens which do not supply information upon request. This is the beginning of the end for tax havens".
Gordon Brown will enter talks with China today to see if it would be willing to commit extra funds to fighting a world recession in return for greater voting powers on multilateral institutions, including the IMF and World Bank.
Brown will hold talks with Hu Jintao, China's president, following discussions with Barack Obama, amid signs that developing countries see the G20 summit as a chance to impose a new world order and end the era of Anglo-European dominance