Germany and Britain called on Friday for a global economic watchdog with strengthened powers to prevent rather than react to financial crises that can spiral into worldwide recession.
Cooperation amongst international financial institutions has failed to ward off the worst financial crisis in decades and a new charter should be forged, German Chancellor Angela Merkel told the World Economic Forum in this Swiss ski resort.
"This may even lead to a U.N. Economic Council, just as the Security Council was created after the Second World War," she said.
Will Russia and China get a veto?
Germany, UK urge global economic overseer [Reuters]