by Daily Mail Reporter
Last updated at 10:38 AM on 27th January 2009
Gordon Brown today said that he had warned of the current global financial crisis ten years ago - and that the current crisis is the birth pangs of a 'new global order'.
The Prime Minister claimed that he had called for a stronger regulatory framework in the wake of the Asian money markets collapse in 1999.
'As I said in Harvard ten years ago, we need an early warning system so that international financial flows are properly monitored,' Mr Brown said in a speech yesterday.
We must create a framework for the international governance that we currently lack. We must consider at a global level the regulatory deficit. For a decade I have said that the current patchwork arrangement is inadequate.’
Mr Brown warned that countries must see the financial crisis as the chance to forge a new financial system.
Setting the scene for April's G20 talks in London, Mr Brown said: 'If what happens to a bank in one country can within minutes have devastating effects for banks on a different continent, then only a truly international response of policy and governance can be effective.'
He said current 'threats and challenges' to the world economy should be seen as 'the difficult birth pangs of a new global order'.
'Our task now is nothing less than making the transition to a new internationalism with the benefits of an expanding global economy, not muddling through as pessimists, but making the necessary adjustment to a better future and setting new rules for this new global order', he said.
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