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IMF chief says institute could be industry watchdog
Published in Saudi Press Agency on 28 - 09 - 2008


International Monetary Fund (IMF) chief Dominique
Strauss-Kahn said Sunday that his institute could serve as a kind of
watchdog for the crisis-stricken world financial market, DPA reported.
In remarks published in the Sunday paper Le Journal du Dimanche,
Strauss-Kahn said the IMF could set the norms and keep watch on the
markets.
Democracy demanded that each country must pass its own laws, he
said, "but the general rules must apply universally because the
financial system has been globalized."
Speaking of the IMF, Strauss-Kahn said: "We are in a position to
define and to guarantee compromise and the common interest."
Strauss-Kahn said governments had been ignoring the IMF's
warnings. Now, after long resistance to the idea, even the United
States and China were ready to accept the IMF's financial stability
assessments.
"This is a signal," the IMF chief said, recalling the history of
the institute was set up in 1944 "as a kind of worldwide public
service" aimed at ending anarchy on world currency markets.
"Today we must additionally stop the finance market anarchy: The
lack of transparency, greed and irresponsbility of a system which has
lost touch with the real economy," Strauss-Kahn said.
The real economy, he said, will not collapse over the banking
crisis. "The central banks will succeed in mastering the financial
crisis," the former French economics and finance minister said.
The 700-billion-dollar emergency plan in the United States was
correct, but could only be "the first act." What must follow is
regulation of the system to prevent a repetition of such crises.
Strauss-Kahn added that the issue of executives' salaries was not
a peripheral question.
"Whoever controls the profits of financiers also is in control of
the financial system," the IMF chief said. This was not a moral
issue, but an ideological one.


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