What does this mean?
When you read the report it means that Green and the HSBC want to protect globalisation, and even increase the level of globalisation, as well as the level of global governance.
As the FT reports in "HSBC pushes for G20-style business grouping" at
”There isn’t enough focused dialogue between businesses and policymakers on an international scale,” Mr Green said in an interview at Davos. ”The world has got to a stage where you can’t solve these problems on a national basis.”
Mr Green also reiterated his concerns that banking bail-outs in Europe and the US could put further strains on the global financial system as politicians put pressure on financial institutions to concentrate their limited resources in their domestic markets.
”If capital ends up being encouraged to stay at home it’s a kind of backdoor protectionism, which nobody may have intended,” he said.
The British government welcomed HSBC’s initiative. Baroness Vadera, business minister, said: ”A co-ordinated response from global businesses to complement co-ordinated government responses demonstrates the need for a unified approach to tackling the current unprecedented economic climate.”
We read earlier this week our glorious Prime Minister's statements regarding the current financial crisis representing the dawn of "a new global order", a new global order that he could and should have stopped.
HSBC is the British bank which has the largest exposure to derivatives in the USA.