MercoPress. South Atlantic News Agency

Stern warning from PM Brown to UK and global banking

European leaders during the meeting

British Primer Minister Gordon Brown has issued a warning to banks in Britain and around the world that they must end risky speculation and resume their traditional role as “stewards” of people's money.

PM Brown was among eight European leaders meeting in Berlin who agreed proposals to overhaul the global financial system, bringing hedge funds and other elements of the "shadow banking system" under international supervision. "We have got to show together that we can restructure the banking system around sound banking principles that deliver the integrity and the trust and the openness and transparency that is essential for people to once again trust the banks," he told the closing news conference. "We are looking at how, working with all continents, we can ensure the best means by which the banking system can serve the public - stewards of people's money rather than speculators with people's money." Earlier, however, Mr Brown targeted his comments directly at Britain's High Street lenders, calling for a return to "traditional" banking practices and "prudent" lending. The Berlin meeting, hosted by German Chancellor Angela Merkel, was designed to firm up a common European position ahead of the G20 summit of advanced and developing nations in London in April.