BGN Entrepreneur

It has been a tumultuous week on Wall Street, as the Lehman Brothers just went bust and Bank of America acquired Merrill Lynch. The global economy is experiencing great ongoing challenges.
Last Friday, the trading in the US almost wiped out the Dow Jones’ rally of nearly 400 points. To rescue the creaking banking system in the US and restore confidence, the US government just unveiled a $700 billion bailout.
Just as one government alone cannot combat global terrorism, just as one government alone cannot deal with climate change, one government alone cannot deal with the impact of globalization. US government was applying pressure on other governments to take similar actions to end this crisis. Today, the Group of Seven (G7) leading economies just expressed their “great welcome” of this historic rescue plan and pressed to heighten close international cooperation between finance ministries, central banks and regulators. However, the bailout should only be taken as the first step. G7 are now calling for all kinds of effective actions, individually or collectively, to ensure the stability of the international financial system. More effective actions and world wide cooperation are required to save the world banking system from collapse.
Mr Darling and Gordon Brown are going to fly to New York to discuss tighter regulation of the financial industry with US officials.

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