Newsletter May 08: Call for fundamental reform of financial markets

PARIS – Fundamental reform of the financial system and its regulation is needed to address the issues highlighted by the current financial markets crisis, according to the Financial Markets Committee of the Organisation for Economic Co-operation and Development (OECD). Priority should be given to private sector initiatives to speed up the recovery of financial markets but government intervention may be needed, said the committee in a statement following a two-day meeting in mid-April attended by central bankers and finance ministry officials.