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LONDON (AFP) — World leaders must meet to agree a new Bretton Woods system, Prime Minister Gordon Brown said on Monday, referring to the global financial architecture established at the end of World War II.

Speaking as the government announced its latest move to try to stabilise the creaking banking system, Brown said the current crisis should be seen as an opportunity to push through delayed reforms.

"Sometimes it takes a crisis for people to agree that what is obvious and should have been done years ago, can no longer be postponed," he said in a major speech on the fast-moving world financial crisis.

"We must create a new international financial architecture for the global age," adding: "We must have a new Bretton Woods -- building a new international financial architecture for the years ahead."


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Global authority can fill financial vacuum

Even if the US’s massive financial rescue operation succeeds, it should be followed by something even more far-reaching – the establishment of a Global Monetary Authority to oversee markets that have become borderless.

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