G7 will do all needed for stability says Darling
The Group of Seven finance leaders will do "all that is needed" to restore stability to the world's financial system rocked by the credit crisis, Chancellor Alistair Darling told the Financial Times newspaper.
Compass reports strong first quarter"I am confident that we will take a substantial step forward in strengthening the surveillance systems," Darling said ahead of G7 finance ministers' meetings on Saturday.
"Where coordinated action is found to be necessary, we will do all that is needed. We are all after the same thing and this is to restore stability," he was quoted as saying.
The international community needs to "tighten up procedures .. to make it less likely that problems on anything like this scale would develop again," he told the FT.
The G7 finance ministers and central bank governors from the world's richest economies are meeting in Tokyo on Saturday to debate what action to take over market turmoil and economic slowdowns unleashed by the U.S. subprime mortgage crisis.
Better early warning systems and possibly better regulation of ratings agencies would be needed to ensure that banks lend transparently and responsibly, Darling said in the FT interview published late Friday on its Web site.
A coordinated regulatory response to weaknesses in the financial system is on the agenda for the G7 discussions.
(Editing by Rodney Joyce)
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