In a 10 point list of proposals for the upcoming G20 summit in London on April 2nd, the Spanish governmented discussed the urgency for stepping up efforts to combat the global crisis.
In the list of porposals, the Spanish government points out the need to “oblige the financial institutions to inform about their risks as well as make details of executive pay public”.
The Spanish government also sees a need for the IMF to play a supervisory role internationally regarding the financial system.
1. Banking sector: Banks and financial instituions need to unveil all relevant information to the public authorities.
2. Anticrisis systems: New systems to assume the risks of financial failures in moments of crisis.
3. Transparency: Investors should be provided with all necessary information regarding investments to avoid overvalued assets.
4. Tougher on cheating: Banking customers must be guaranteed fair and correct information; new measures against misleading or abusive practices.
5. Executive pay: Control on bank executive’s pay.
6. Discipline: Banks need to assume the social costs of their derived failures.
7. More credit: The IMF should step up its lending role.
8. Supervision: The IMF should be globally accepted as the financial supervisor and arbitrator.
9. Developing banks: Multilateral banks of development need to adjust their share to the current situation.
10. More aid: These type of institutions need to increase their net flow of aid to developing nations in times of low growth.
Spain is not a member of the group of 20 nations but Prime Minister Jose Luis Rodriguez Zapatero has been invited to attend by British Prime Minister Gordon Brown, according to Spanish press reports.