The Hindu Business Line : G-20 for strong regulation in financial system

WASHINGTON: Facing one of the worst global financial crises, world leaders on Sunday called for a strong regulatory mechanism to bring transparency in financial system and stimulate growth to beat the recession.

“We talked about broader economic reforms...,'' the US President Mr George W Bush said after the landmark summit of the world leaders at G20 to discuss ways to overcome the financial crisis. Virtually responding to the demand from India against protecti onism, Mr Bush said, “We are committed to the people in the developing world... We have deep desire to reduce trade deficit.”

Ananlysing the reasons for the global financial meltdown, Mr Bush said there was a need for a strong regulatory mechanism to protect investors and markets.

Emphasising on stabilising a strong regulatory mechanism, he said this was a must to enable investors know true value of assets.

The statement from Mr Bush comes a short while after Prime Minister Mr Manmohan Singh asked world leaders to refrain from protectionism and pave way for multi-lateral regulatory supervision to avert the recurrence of crisis that has led to the world econ omy to the recession. - PTI

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