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    IMF chief to propose new regulation strategy

    30 Ekim 2008 - 15:47Son Güncelleme : 30 Ekim 2008 - 15:48

    The International Monetary Fund will propose a new regulatory strategy at next month's meeting of the Group of 20 nations on the financial crisis, IMF chief Dominique Strauss-Kahn told French daily Le Monde on Thursday.

    Strauss-Kahn also said he was more worried about the global economic slowdown and its social impact than about volatility on stock markets, which he expected would calm down as the effects of European and U.S. bank rescue packages sunk in.

    Strauss-Kahn said the IMF should not be considered simply as a "fireman" that comes to the rescue of distressed countries at times of emergency, but that the Fund also wanted to be a "mason" with a role in rebuilding economic growth.

    "The IMF's role as the coordinator of global regulation must be reaffirmed," Strauss-Kahn said.

    "To that effect, I will propose at the G20 a plan for a new governance, or a 'global regulation strategy', based on five principles," he told the newspaper.

    These would include a new type of loan to relieve short-term liquidity problems in some economies, and an increase in IMF resources which Strauss-Kahn said were insufficient to meet requirements over the medium term.

    Other principles were to understand how economic policies had contributed to repeated "bubbles" that hurt economies when they burst, to oversee new financial regulation, and to devise a new, simpler and more efficient global economic "architecture".



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