Netherlands want IMF transformed into global financial supervisor

Setting out their stall ahead of the upcoming emergency meeting of the G20 group of nations that is to focus on a global solution to the ongoing financial crisis, the Netherlands has called for the reconstruction of the International Monetary Fund into a new 'Global Financial Stability Organisation'.

Dutch Prime Minister Jan Peter Balkenede and his finance minister, Wouter Bos, want the IMF to be given considerable new powers of oversight over national financial supervisors.

The N...