Brown calls for global action to save banking system

LONDON, Oct. 10 (Xinhua) -- British Prime Minister Gordon Brown on Friday calls on the world to follow Britain's moves in saving the banking system.

In an article published on Friday's Times newspaper, Brown urges other governments to resort to a global solution in the face of a global problem by injecting money into struggling banks and offering similar guarantees to persuade the banks to start lending to each other again.

He also called for governments to adopt cross-border rules on transparency and the highest standards of conduct to guard against irresponsible risk-taking. In addition, a new system of supervision should be introduced to cope with the huge flows of capital between financial institutions.

Expressing his anger at "irresponsible behavior and risk-taking," Brown says banks that signed up to the rescue plan would have to accept there could be no more huge bonus payouts.

"The days of big bonuses are over. One of the conditions of us helping the banks is that we will have to reach an agreement about executive remuneration," he was quoted as saying.

The International Monetary Fund has pledged to help countries hit by the global credit crunch and had activated an emergency financing mechanism first used in the 1990s Asian crisis. But some countries in Europe are still not certain whether to take a "concerted approach" or acting case by case.