IMF to put five-point financial reform plan to G20

The head of the International Monetary Fund said Thursday he would propose five avenues to reform the global financial system, with the fund reasserting a regulating role, when G20 countries meet in two weeks' time.
IMF Managing Director Dominique Strauss-Kahn told the newspaper Le Monde he expected the meeting of Group of 20 leading economic countries on November 15 in Washington to take full acount of "the historic situation we are living through."
The meeting should therefore give "a decisive impulse on the basis of the document which we will submit on the lessons of the crisis, for reform of world governance."
The IMF's role as "coordinator of global regulation must be reaffirmed," he told the paper, adding that such a move had been advocated by French President Nicholas Sarkozy.
"I will therefore propose to the G20 a new governance plan ... a global regulation strategy" based on five approaches, he said.