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World Bank offers trade boost ahead of G20

(Agencies)
Updated: 2009-04-01 10:54

Confidence boost

The White House said it expected G20 leaders to agree on a package of financial reforms that could include expanded regulation of hedge funds and steps aimed at clamping down further on tax havens.

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That chimed with a report released by a G20 working group on restructuring the financial services industry. It said hedge funds should be more closely regulated and credit ratings agencies subject to tighter supervision.

European Commission President Jose Manuel Barroso said the summit should pledge an overhaul of financial institutions, map out an exit from governments' spending sprees and commit to a climate deal.

Brown, who has spearheaded efforts to get agreement on concrete measures at the G20, said the summit must restore people's faith in the economy.

The son of a Scottish church minister, he told faith leaders and charity workers in a speech in London's St Paul's Cathedral that markets must be guided by everyday values cherished by all.

"Our task today is to bring the imperatives served by our financial markets into proper alignment with the values held by families and business people across our country - hard work, taking responsibility, being honest, being fair," Brown said.

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