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Big powers gear up for 'regulated capitalism’

AFP, Paris
Europe is enlisting the United States and other powers in a drive to create a new system to ensure order in global finance, a task which analysts say is daunting but unavoidable.
Britain, France and Germany agree on the need for a far-reaching
rethink of the financial world but the specifics of what President Nicolas Sarkozy calls a new "regulated capitalism" have yet to be nailed down.
British Prime Minister Gordon Brown, whose bank rescue plan was emulated by the rest of Europe, is seeking a "new ihternational
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financial architecture" to revamp the Brotton Woods accords after World Warll.
Brown and Sarkozy speak of the need for more regulation and oversight and a new role for the International Monetary Fund (IMF) to avert future crises.
As chair of the European Union, Sarkozy will meet US President George W. Bush at his Camp David retreat on Saturday to discuss the idea, hoping the building blocks can be laid at a summit in coming weeks.
"The crisis is so grave that the Americans are ready to sign on," said Christian de Boissieu, an economist and adviser to die French government.
Sarkozy insists Bush's successor must be involved, handing Barack Obama or John McCain an immediate and enormous challenge after the November4votc.
German Chancellor Angela Merkel has backed Sarkozy's call for a meeting of leaders of the Group of Eight industrialised powers with emerging powers China, Brazil and India, possibly as early as next month in New York
That summit would lay the groundwork for a meeting under the auspices of die 184-membcr IMF to launch what has been called Bretton Woods II, according to a French proposal.
"We need to get everyone around die table. The response dius far just does not go far enough," said De Boissieu.
A strong advocate of state-driven economics, France is drawing up an ambitious list of issues to be addressed, covering banking, hedge funds, credit rating agencies and sovereign funds.
Pitfalls abound, however, in trying to deepen the regulation of investment banking, and analysts warn many of the sophisticated products introduced over die past decades were developed one step ahead of regulators.
"I am not sure that we need more regulation but better regulation if we want to avoid a new wave of financial innovations that would only compound the problem," said De Boissieu.
France and Germany want to put the squeeze on tax havens and there arc calls to establish minimum reserve ratios for banks, clamping down on executive pay packages and improvingoverall transparency.
Leading French economist Jean-Herve Lorenzi said the Bretton Woods II agenda should be extended to include oil prices and food production, components that can't be overlooked in the inter-connected world economy.
"This is the only way. We are headed for a worldwide crisis and if we don't tackle all of the issues, we are going to run into major difficulties," said Lorenzi. "Governments are facing a worldwide recession, they have no choice."
Die Bretton Woods agreements laid out the framework for stability in the world financial system as leading powers began rebuilding their economies afterWorld War II.
Based on die creation of the IMF as lender of last resort for countries with balance of payments crises and the introduction of a fixed exchange rate system around a dollar-gold standard, it was drafted in the light of lessons of how the stock market crash of 1929 fed the Great Depression of the 1930s.