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GB and BG Agree

Sergei Stanishev, the Prime Minister of Bulgaria, has given his support to the Prime Minister of Great Britain, Gordon Brown, to the proposal by the latter for major changes in world financial systems. The proposals include the establishing of a system for surveying and controlling the largest financial institutions and stopping the dubious practices of large banks.

The British Prime Minister presented his proposals at a meeting of the EC leaders in Brussels yesterday. Gordon Brown appealed for in-depth reforms of both the IMF and World Bank, saying that there should be a worldwide system for overseeing the whole financial system.

He went to add that he believed the global economy needed a system which would alert governments to problems well in advance and wanted a schedule to be prepared now for implementation of control of financial institutions.

Although a bit late on the trail of the current global financial crisis, the EU institutions seems to be taking it to their heart that they have to initiate proceedings to establish both a strong political will to resolve the problems, calm the situation and gain confidence in the banking systems.

Sergei Stanishev outlined that he believes that three phases are required, namely: the stability of the financial system and banks in Europe, improved banking regulation in Europe to include transparency and efficiency, together with better communication with banks globally - and thirdly, an assessment of measures which should be implemented so that the economy is not severely damaged.

Stanishev added that he believed that Gordon Brown's proposal is "a good plan, which focuses exactly on the phases required to resolve the current situation".