UK Prime minister Gordon Brown warned international leaders on Friday about the severity of the current financial crisis, adding that reform of global financial institutions was necessary.

Brown made the comments at a press conference during the Progressive Conference of center-left world leaders taking place in Watford, England.

We are facing a global financial crisis which is probably the first truly global financial crisis of the modern world, he said. We have to reform our global financial institutions. It is absolutely clear that the national supervision that we have is inadequate and we need a global agreement.

He urged reform for organizations such as the World Bank, the International Monetary Fund and the United Nations, saying they were not suited to meet the challenges of the modern world.

He said the IMF needed a complete restructuring so that it serves as an early warning system for the international economy.

Meanwhile, he said the World Bank should help poorer nations improve their economic development using cleaner energy.

United kingdom International Monetary Fund