International Financial Institutions

HC Deb 05 November 1998 vol 318 c684W

18. Mr. Alan Simpson

To ask the Chancellor of the Exchequer what proposals he has put forward for the reorganisation of international financial institutions. [56878]

Ms Hewitt

As my right hon. Friend the Chancellor of the Exchequer reported to the House earlier this week on 2 November 1998,Official Report, columns 559–63, significant reforms to strengthen the international financial system and improve the effectiveness of the international financial institutions were announced on 30 October by the Finance Ministers and Central Bank Governors of the G7 countries. These reforms reflect the shared determination of the G7 countries, under the Presidency of the UK, to put in place new rules and procedures and to modernise the international financial architecture to meet the challenges of the global economy.