Manmohan, Brown moot international central bank

September 27th, 2008 - 1:25 am ICT by IANS  

Manmohan SinghNew York, Sep 26 (IANS) Indian Prime Minister Manmohan Singh and his British counterpart Gordon Brown Friday underlined the need for an international central bank and a global monetary authority to avert financial crisis like the Wall Street collapse. The two leaders discussed a host of bilateral and global issues, including terrorism and the international financial situation, on the margins of the UN General Assembly.

They felt the present international financial architecture was not adequate to deal with the crises that the world was witnessing today, Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters after the meeting between the two leaders.

Brown was of the view that the international consultative system on financial crises should be discussed at the level of G-20 and not G-8 with the participation of growing economies like India, China, Mexico and Brazil, he said.

They also discussed the threat posed by terrorism and the progress in concluding the Doha round of WTO talks.

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