TEXT OF STORY
Steve Chiotakis: World financial officials are in Washington today for the annual Spring meetings of the IMF/World Bank and G20 Finance Ministers. They’re going to talk about Greece certainly, but the official agenda is setting up a new financial structure to prevent another banking collapse. Marketplace’s John Dimsdale has more.
John Dimsdale: Previewing the three days of high-level meetings, IMF Managing Director Dominique Strauss-Kahn was asked what he thought about U.S. financial regulatory reforms. He said the president and Congress are acting too quickly.
Dominique Strauss-Kahn: It comes too soon in terms of having a global answer. And the fact that different countries are moving, which I can totally understand, makes it more difficult to have a global and coordinated answer.
A global recession requires a global fix, he says, and part of the solution is a worldwide bank tax, which Strauss-Kahn, says would serve two purposes:
Strauss-Kahn: One is to secure some resources to be able to help for crisis resolution, and the second was to have a tool that will help curb risk-taking behavior.
If the tax idea gets a favorable response from finance ministers this weekend, the IMF will submit it to the meeting of G20 heads of state in June.
In Washington, I’m John Dimsdale for Marketplace.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.