British leader issues call at UN for new financial order to end market turmoil

[querzl]

//The%20Prime%20Minister%20of%20the%20United%20Kingdom%20today%20[26%20September]%20called%20for%20a%20new%20global%20financial%20system%20to%20bring%20an%20end%20to%20the%20current%20economic%20turmoil,%20laying%20out%20five%20principles%20on%20which%20the%20order%20should%20be%20based%20as%20he%20addressed%20the%20General%20Assembly's%20annual%20high-level%20debate."This%20has%20been%20an%20era%20of%20global%20prosperity.%20It%20has%20been%20an%20era%20also%20of%20global%20turbulence,"%20Gordon%20Brown%20said%20at%20United%20Nations%20Headquarters%20in%20New%20York.To%20bring%20an%20end%20to%20the%20culture%20of%20irresponsibility,%20"we%20must%20now%20build%20a%20new%20global%20financial%20order%20founded%20on%20transparency,%20not%20opacity;%20rewarding%20success,%20not%20excess;%20responsibility,%20not%20impunity;%20and%20which%20is%20global,%20not%20national."He%20proposed%20five%20key%20principles%20for%20all%20nations%20to%20abide%20by:%20transparency%20and%20improved%20accounting%20standards;%20sound%20banking%20practices%20and%20more%20effective%20regulation;%20increased%20responsibility%20to%20be%20taken%20by%20senior%20management;%20integrity;%20and%20oversight%20of%20global%20capital%20flows.Mr.%20Brown%20also%20urged%20urgent%20action%20to%20tackle%20what%20he%20called%20the%20"global%20scramble%20for%20resources"%20by%20addressing%20the%20problem%20of%20high%20commodity%20prices%20and%20"taking%20tough%20decisions%20on%20energy%20security%20and%20climate%20change."%20To%20this%20end,%20he%20said%20he%20will%20host%20a%20global%20energy%20summit%20in%20London%20to%20push%20for%20agreement%20on%20key%20issues%20later%20this%20year.Cooperation%20among%20nations%20is%20more%20important%20than%20ever,%20he%20said,%20as%20it%20is%20the%20only%20vehicle%20through%20which%20"we%20can%20make%20the%20most%20of%20the%20world's%20scarce%20resources%20and%20harness%20the%20power%20of%20our%20ever%20great%20interdependence%20for%20our%20common%20good."Resorting%20to%20isolationism%20and%20protectionism%20is%20not%20the%20solution%20to%20the%20crisis%20holding%20the%20world%20in%20its%20clutches,%20the%20Prime%20Minister%20said.%20"It%20is%20only%20by%20maintaining%20our%20open,%20flexible%20and%20dynamic%20economies%20that%20we%20can%20best%20secure%20people's%20jobs,%20homes%20and%20standards%20of%20living%20in%20a%20global%20age."
http://www.un.org/apps/news/story.asp?NewsID=28300&Cr=general+assembly&Cr1=debate