European finance ministers are pledging a sustained effort to pull the world’s economies out of recession.
The summit in the south of England was chaired by British Finance Minister Alistair Darling amid divisions on how best to stimulate an economic revival. Meanwhile in London British Prime Minister Gordon Brown met with Germany’s Angela Merkel. The pair are not united on a global strategy. But both agreed tax havens had to be targetted as a way of clawing back revenue. Merkel said:” And we see that pressue alone of drawing up a list of tax havens has already yielded important initil results. Yesterday Lichtenstien, Switzerland, Austria and Luxembourg took an important step towards greater transparency.” Brown also wants greater regulation generally He said: “ We’ve learnt from this crisis that markets should be free, but they should not be values free and that markets need more and effective supervision. So we must act and reshape the regulatory system for the new times. Greater international co-operation lies at the heart of our changes. Financial institutions need to work across borders and also need to work under cross border supervision.” The meeting of finance ministers was never going to be more than a warm up for the G20 summit in London in just over two weeks. The communique said they recognised an urgent need to something. But exactly what…remains uncertain.