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G20 takes global approach to recession

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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.

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