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Alistair Darling looking to reform regulation of international finance markets

Alistair Darling, the Chancellor of the Exchequer, has today suggested that the forthcoming G20 meeting should be used to start a serious reform of the international financial system. This is a follow on from Gordon Brown's recent message on a visit to the US where he discussed the regulation of international money markets, international stock markets and international financial markets in general. However, it is really achievable in the current climate?

There is no doubt that the ongoing economic downturn has highlighted a number of weaknesses in various regulatory regimes across the world. The UK government has received significant criticism for a policy of "self-regulation" over the last decade which would appear to have led to the significant rise and fall of the UK economy. As we have covered a number of occasions, it is highly unlikely that all regulatory regimes around the world would be willing, or possibly able, to share every bit of information they have with international counterparts for the good of the worldwide financial sector.

We have already seen cracks in the relationship between the US and Europe with Gordon Brown very much stuck in the middle. If these two massive influences in the worldwide financial market are not able to reconcile their differences there would appear to be little likelihood of a close working relationship in the future.

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