US, UK Agree On Need Of More Financial Authority - Alistair Darling

London: Before meeting with the U.S. Treasury Secretary Henry Paulson, British finance minister Alistair Darling told that the US and Britain have the same opinion that the monetary system needs more authority.

Darling said, “Hank Paulson and I both agree what's necessary is more discipline is needed in the financial system and far more openness.”

The two men are due to get together later on Monday with the worldwide credit crunch expected to dominate discussion as banking institution battle to obtain credit.

Mr. Paulson will also meet up Prime Minister Gordon Brown. British mortgage bank Northern Rock was coerced to seek out emergency funding from the Bank of England on Friday as borrowing on financial markets has become harder in recent weeks.

“In this country, banks who have plenty of money need to start lending to each other again,” Darling added.