Kofi Annan: Isolated national measures won’t solve global financial crisis
Former UN Secretary General Kofi Annan is calling for an all-out international effort to overcome the worldwide crisis of the financial markets. In an interview with Swedish daily Dagens Nyheter Annan said that because of its global dimensions the problem could not be solved by isolated and uncoordinated measures by individual nations.
Kofi Annan said that the current crisis did not come as a surprise. He said that one of the causes were excessive risks many banks were taking when lending money. Annan went on to say that he agreed with those who demanded that bankers should be held personally responsible for losses caused by obvious negligence. He said he felt that forming a new global monetary authority to manage worldwide problems like the present one was well worth considering.