Germany's Steinbrueck urges market oversight role for IMF |
|
|
|
Published
:
Fri, 19 Oct 2007 06:23
|
LONDON (Thomson Financial) - Oversight by a revamped International Monetary Fund could be one solution for preventing a recurrence of the current credit crunch and financial market turmoil, said German Finance Minister Peer Steinbrueck.'I think surveillance might be one of the most important tasks - watching and observing and assessing the financial markets,' he told The Wall Street Journal in an interview ahead of the G7 meetings.He said the IMF could also be involved in oversight of exchange-rate developments because they too can cause global imbalances.Although a central topic for the G7 will be the need for improving transparency in financial markets and beefing up government oversight, Steinbrueck said he has no plans to raise the IMF issue at the meeting.But one result of the meeting could be to establish a working group to discuss the lessons to be learned from the credit crunch and resulting turmoil, which Germany appears to be surviving fairly well, he said.tf.TFN-Europe_newsdesk@thomson.comjmsCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
Print this Story
Germany's Steinbrueck says GDP growth likely quickened despite market turbulence 