Lead the world?
Why not take a look at lesser known economies like Australia. According to the World Economic Forum's Global competitiveness Report 2008-09 Australia's banks were ranked 4th soundest in the world.They slashed interest rates before UK by full 1% & still have room with base rate of 6%

Archie, London, England

Strong banks, unfrozen markets, greater transparency and international supervision are the four keys to recovery


Noone has frozen anything ....

Except the UK government (Icelandic assets)

Kjartan, Keflavík, Iceland

Worst Prime Minister Ever!

Print it on a T shirt and wear it with pride.

Ian, edinburgh, scotland

Gordon Brown set up the regulatory system which has utterly failed. Gordon Brown fiddled the inflation rate to ignore house price inflation allowing interest rates to be set far too low. Gordon Brown has borrowed, spent and wasted untold billions of OUR taxes. This is Gordon Brown's bust.

T Harrison, Tring, UK

It's not that long ago that Brown was trying to prop up house prices and the flow of cheap credit.
This guy is the architect of the current problems.
He was the one that put the framework in place in this country that allowed this to happen.
Mandleson spin always seeks to shift blame away from gover

Douglas Maxwell, Richmond, Yorkshire

Gordon Brown saying ' We must lead the world to financial stability' is as delusional as an England football manager saying 'We must show the rest of the world how to play football'.

Douglas Maxwell, Richmond, Yorkshire

Well this article was as interesting and insightful as your speeches Mr Brown.

Katie, Edinburgh,

It's a little late in the day, Mr. Brown. Your party has been firmly in power for over a decade and had plenty of time to put some backbone in the British financial sector. And you were Chancellor, the man with his hands on the financial levers!

Take some responsibility for this mess.

RW, Victoria, BC, Canada

Mr Brown, remember what happened to Churchill after the war.

ahs benton, Carlisle,

The core of Britain's problem comes in the first paragraph of this self-absolution. "turmoil that started in America and has now spread across the world" - no mention whatsoever of Britain's (or the then Chancellor's) culpability for Britain's problems.

John Blackley, Winter Garden, Florida

World Socialism, with Gordy at the Helm! Now that would leave Tony in the shadows, hay Cherie!

Perry Ford, Wirral, UK

Will the "British approach" of Gorden Brown touch any rules of Offshore-banking arround the globe,or will a "French Revolution" bring transparency to hedge- fonds and deregulated speculation and financing.?The hidden places are so intrinsic ,that there is no hope of change.We just feed the monster

Michael, Tenerife, Spain

we need a competant government and bankers who can add up.

denise, liverpool,

Gordon has switched to Saving the World From the Credit Crunch after a star performance Saving the World From Global Warming. What a legend. Now, how about saving Britain from New Labour's massive expansion of debt while he was chancellor, and creating the FSA to "regulate" Britain's banks?

TonyG, Newark, UK

The major indices started falling from the end of last year. There's more 'downside' to come!

John, London,

These efforts to "stabilise" the financial system are akin to pouring huge resources in to mend a dam that has already burst. Let capitalism do its thing (i.e. let the dam burst fully and the river carry on its business). Any intervention will only delay and exacerbate the inevitable...

Scott, New Zealand,

A certain song by Jilted John comes to mind. I would like to thank all those Labour voters for supporting this financial crisis. Thanks for nothing.

Richard, Ivybridge, UK

New Labour has been proved wrong in adopting so much of the Tories' economic agenda over the last 14 years. I think the government. should have dealt with the housing market bubble here earlier whatever happened abroad.

Andrew G, london, uk

can somebody please explain to me why are our local authorities are investing money? surely local councils raise the money they need to perform their duties, and no more. if they have £50m (in kents case) to invest in icelandic banks, why wasn't that money used to reduce our council tax payments?

paul, london,

Labour in general, Gordon Brown in particular, seem to think saying so makes it so. A man our age; eager to have his opinions applauded but unwilling to accept responsibility for the consequences of the actions carried out at his command.

A slave to hubris and servant of misguided perceptions.

Sang, Milton Keynes, England

What we have to bear in mind is that American interest rates increased from 1% to 5.25% between 2002 and 2005 whilst offering 100%-self-cert-adverse credit mortgages in an unregulated mortgage market. Do the maths.

We have to support our PM and his efforts during this difficult time.

John - Mortgage Broker, Sutton Coldfield,

We will learn the lessons and take tough decisions - why oh why do we never get anyone capable of doing a decent job in the first place?

The dumb voters fault I suppose?

Jim, Prudhoe, England

Where does individual responsibility come in to all of this. Is it the PMs fault many many people are completely stupid with money. Do people take out credit cards and spend on them up to limits of tens of thousands of pounds thinking somehow they will magically not have to ever pay this money back.

maximus, Leeds,

If Gordon Brown wishes to lead the world, he should start by participating more in Europe.

Geoff Nield, Nottingham, UK

Mr Brown is the only person in the world who seems to be trying to get us constructively out of this global mess, whilst all other leaders are lost for words and have no plans (and that includes the Tory leadership). We should be getting behind the PM at such difficult times, not dreaming up blame.

Max, Manchester, UK

Central banks are very much part of the cause of this crisis. The bankers didn't need supervision: they needed a truly free market where loans are based on calculated risk rather than the manipulation by central banks. Now we are effectively looking at one gigantic central bank. Buy gold.

Greg Lorriman, Leatherhead, UK

Just get petrol down to below £1 per litre and we will turn a blind eye to whatever Mr. Brown do's next!

Dave Farmer, Broxbourne, England

No one will have thier way out of this one. Everyone got caught up in the easy money of Credit Default SWAPS. An instument used in the days during Enron (energy). Stuff that did not have to be transparent because of the deregulation processes of oversight. Just that this time the tool mortgages.

Kurt A. Conone, San Juan, U.S.A.

I find thgis article insulting not only personally but to the entire nation. This man has plundered us remorselessly. The money on the table now seems to me to be more about saving his skin and premiership than anything else. BNever has he looked so ebullient. It's sickening.

C Richards, Bristol,

Gordon. Is it not the realisation that cheap oil is running out that is causing all those exposed to debt to withdraw from the speculative habits of the past 30 years? What are you doing to plan for a future where mass starvation and wars get closer and closer to our shores? More borrowing!

Clive Stringer, Devon, England

No. What about the billions in hidden PFI debt? The smoke and mirror budgets each year? The billions thieved from the nation's pension funds each year? The gold reserves sold at rock bottom prices? The removal of the Bank of England's day to day regulation of the banks? The 10p tax rate disgrace?

AndyC, Rowlands Castle,

Words absolutely fail me Prime Minister. It is as if you only fell to earth a few weeks ago to save the planet.
You are responsible for this crisis with the most incompetent Chancellorship ever.
You got us into this mess and you cannot hide from that.

Paul Allkins, Chelmsford, Essex

Gordon
As you wish to be "transparent" can you please tell us who is advising you and have you ever considered they might lie to you?

Clive Stringer, Devon, England

Gordon - if you hadn't stealth-taxed us to death, squandered vast amounts of our money, and built up a fantastical level of debt, then I may be inclined to listen to you.

You fed the fires of irresponsibility with your irresponsible behaviour. That makes you part of the problem, Gordon.

Ian, London, UK

Brown's milking this crisis for what it's worth.

Are the electorate so gullible?

Pinkie, London, United Kingdom

Gordon - writing in the TIMES is no way to get us on your side. You are a spent force and you could move mountains now, but in 2010 you will no longer be PM and your gov't but juts a memory !!!!!

IAN PAYNE, Walsall,

ten years as Chancellor - this whole mess brewing up under his watch - has he no insight or shame
Dead man walking

stuart, glasgow,

If a bank issues a loan it wants to see collateral and prospects to gauge the risk. So why didn't they apply this formula when they were offered 'brown bags' of devaluing property, and who allowed it to happen? The restructuring has already started with people buying real goods at real prices. Adios

Chris, London Town,

We might have bought this 14 years ago but not now, the signs have been there for long enough and with prudence having 10 years of experiance as chancellor hiding behind the term credit crunch when the rest of us know it is a ressession! We now have to be prudent whilst Mr.Brown is on borrowed time!

Dave Farmer, Broxbourne, England

No Brown, it was entirely your fault. As a former lifelong Labour supporter I want tocongraulate you on how your incompetence has awoken so many to the fact, that New Labour Simply Isnt Working. hatcher was correct when she used that term to remove Labour.

Resign Now, you are a waste of space.

Mike, Edinburgh, Scottish Republic

Gordon. Well done for alienating American support. Our troops are dying together on battlefields far from home and you, while accepting no responsibility for the current national crisis, point your finger at our Allies. Do you have any qualities that a Prime Minister should have?

James Cullup, Oxford,

'10p' Brown fiddled inflation measures for votes. So low interest rates, loans and housing boomed. '10p' taxed the inflated equity, now bust. Boasting 'End To Boom and Bust', led people to extra risks. No sense. More damage than Hitler.
1. OAP's eat or heat?
2. Sorry?
3. Election date?

Jimmy, glasgow, Scotland

Second, that he understands that the problem is global and that one country's solution alone, cannot work without other countries doing something similar. Hence this article (and I imagine, behind the scenes conversations with his peers). I'm not a Labour supporter, but I say "Go for it Gordon"!

MikeA, Manchester, UK

Gordon's learnt a new word "transparency". It is as grating to hear him use that word as it is to hear the word "prudence" rise from his lips. He KNEW that the country was heading for a meltdown and still had the audacity to stand and say "no more boom and bust". I don't believe a word he says!

Cyneek, London,

I am still looking for the bit where he says he is sorry for borrowing and wasting so much which, along with America, has caused all this trouble.

At least America can manufacture its away out in time. What are we going to do?

George Ball, Diss,

Hey, here's an outworn dogma. It says that the FSA should keep an eye on Bank deposit ratios and prevent them from taking unwarranted risks.

Let's throw that one out the window and provoke a panic so that we can look like heroes "fixing" it.

Oh, you already did that? Never mind.

jon livesey, Sunnyvale, CA/USA

Gordon, during your watch, you and the regulators went asleep while banks and our nest eggs rotted to the core. We are burdened with the debts you create to save your banker friends and the PFIs. So please stop bragging. A modicum of modesty and admission of culpability would be a better approach

S Yogarajah, Harrow, UK

How can the greatest Chancellor Britain ever had (not least in his own estimation) write an entire article on the current state of the financial system without once mentioning the £ which his printing presses put at risk of collapse? The Zim$ provides an awful warning.

Cyril Berkeley, Kuala Lumpur, Malaysia

Typical McBroon garbage!!
If you "are doing everything in your power", you can't redouble your efforts, unless you can go to Warp-Effort.
For a man who engineered the financial system and stood idly by while massive risks were undertaken, his every word should be ignored - he should be shunned.

Padraig, Perth, Australia

You can't solve a debt crisis by recommending more borrowing, Gordon. The banks are bust and so is the government after you've had 11 years at the controls.

How about - for a start - saving a few tens of billions by withdrawing our troops from Iraq and Afghanistan?

Paul Amery, London,

Gordon why did you allow UK banks to trade recklessly for 11 years?

Why did you not produce a list of banks that British savers could trust 100%

Why am I as a hard working frugal person now expected to bail out banks who were negligent?

Tom Wright, Reigate,

I guess it's the Tories fault.... Nothing to do with you , Dear Prudence, and your laisser faire control of the countries debt. No more Boom and Bust, oh how we laughed.

We've lived through the biggest credit bubble ever and it's just gone 'POP'

Ah, but it's Alistair Darling's fault now I guess.

Khan, Reading,

Is this 1st April? Brown sold 1/3 of our gold when it was at rock bottom prices, stole over £100 billion from the pension schemes of the private sector whilst gold plating those in the public sector including his own. No more boom and bust he said, no just broke and totally bust. Gordon just go!

Mark, Easterross, Scotland

The role of banks certainly is to circulate savings for further productive investment. What Brown doesn't mention is that his policies have destroyed vast amounts of savings and productive investments - there is nothing left to circulate. Brown is the Hurricane Katrina of finance and economics,

Christopher H, Canberra, Australia

So Gordon, It was all, the Americans or the Bankers or the Icelanders or the Tories or the councils or the Irresponsible public or the blairites or anyone but Gordon fault. Is that todays story and you have certainly lead the world in complete financial incompetence. The worst PM since N.Chamberlain

Steph, Newcastle, England