British PM calls for "bold solutions" on economy

Special Report:Global Financial Crisis

LONDON, Feb. 9 (Chinese media) -- British Prime Minister

Gordon Brown on Monday called on the international community to pursue "bold

solutions" to tackle the global economic downturn.

Speaking at a QA session in London, Brown said

nations should use April's G20 Summit to reform institutions such as the

International Monetary Fund and to turn the world economy away from "financial

protectionism" and "economic nationalism."

The unique nature of the global financial crisis

demanded a move away from "old orthodoxies," he added.

According to the prime minister, the International

Monetary Fund (IMF) and the World Bank were not fully equipped to deal with the

tasks at hand and they needed to "change their roles fundamentally."

The IMF should develop a more enhanced surveillance

function of markets and act more like a central bank while the World Bank should

increase its resources and play a greater role in environmental development, he

said.

Regarding the financial industry in Britain, Brown

said the government would aggressively pursue a "no rewards for failure" policy

to sweep aside a short-term bonus culture in British banks.

"I believe, as a society, we should support hard

work, effort, enterprise and responsible risk-taking. We should not in any way

condone, but should punish irresponsible and excessive risk-taking," said Brown.

"The old short-term bonus culture is gone; that there

are no rewards for failure, but penalties for failure; that in the future there

must be rewards for success - but long-term sustainable success and not just

short-term gains," he added.

On Sunday, Chancellor Alistair Darling announced that

the British government had commissioned a review of corporate governance and

management practices in British financial institutions.

British PM calls financial

protectionism danger in current crisis

DAVOS, Switzerland, Jan. 31 (Chinese media) -- British Prime

Minister Gordon Brown warned here Saturday that financial protectionism is a

greater danger than trade protectionism in the current global economic crisis.

Cooperation between major powers and global financial

institutions is vital to ensure a continued flow of credit to developing and

smaller countries, which are likely to be the biggest victims of the recession,

Brown told the World Economic Forum Annual Meeting 2009. Full story