Rethinking FinanceAlternative voices for a new financial architecture

Germany and France on Wednesday called on the European Union to consider banning speculative trading in credit default swaps and set up a compulsory register of derivatives trading.

Proprietary trading, properly defined and contextualised, has had a great deal to do with the current financial crisis, and moves for financial and regulatory reforms, the so-called "Volcker Rule" endorsed by US President Barack Obama, need to be beefed up considerably and broadened to include investment banks, hedge funds and other corners of the financial world.

With global co-operation fading away, there are disturbing gaps in the approach to financial reform in Europe and the US

European Union lawmakers said on Tuesday that they were optimistic about reaching a compromise deal on controversial hedge fund and private equity fund legislation.

We should establish rules to protect the public from OTC derivatives. If we do nothing, we risk another financial fire that will cost even more jobs.

IMF head Dominique Strauss-Kahn suggested, last week in a speech on the future mandate of the IMF, that the organization might one day be called on to provide countries with a global reserve currency as an alternative to the US dollar. ABC, 3 March.

Five months after the G20 took over as the world's official economic forum, experts are asking whether it can confront new and more pressing challenges grappling nations emerging from financial crisis.

New York Times, 21 February.