I am glad to hear of Mr Alastair Darling. I was not aware that he was the chancellor of the Exchequer of Great Britain. I would like to suggest the idea, that the financial community needs to regulate itself. Perhaps, they are working at cross purposes, if there are so many financial crises perceived. The financial community are not in control. The stock market presently perhaps resembles a lottery business in a small way. The business of the financial community in reality, is not a lottery. Also, better financial returns, for corporations, may not help all the time.
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Alistair Darling: Beating Back Disaster
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Your government has already been forced to rescue one British bank. When it comes to the financial community, is there a way to prevent crises of this kind from recurring?
We want to see a bigger role for the IMF in monitoring what is happening. If you look at the subprime problem, there were a number of regulators—and, indeed, banks—across the world which didn't see it coming. The events of the last 12 months have demonstrated a far greater need for governments to work together, and not just to resolve the problems that we face at the moment. The world is going to be a smaller place, and we'll need more, not less, cooperation.
The economic crisis clearly has implications at home. Your colleague, Foreign Secretary David Miliband, said recently that the odds are against this government. Do you agree?
We are going through difficult economic times—and, by extension, difficult political times as well. But we can win, and we will win. We need to rediscover the confidence and the zeal with which we fought the last three elections. If we can do that, then we can recover.
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