The world is facing a set of unprecedented economic challenges which demand new ways of thinking and acting. Action must be taken on a national and international level in order to ensure recovery in Britain and across the globe.

What then do we want from this summit? Leaders meeting in London must supply the oxygen of confidence to today's global economy and give all our peoples renewed hope for the future.

The first test is cleaning up our banking systems, curb the use of tax havens and introduce principles for pay and bonuses so that instead of banks serving themselves they serve the people.

The second test is that action must be taken to prevent mass long-term unemployment which caused so much of the suffering seen in the recessions under the Tories in the 80s and early 90s. Britain and the USA are keen to see more spending and whilst countries like France are less sure of stimulus moves it is true to say that they already tax and spend a great deal more than that either the US or Britain.

Third, by international economic cooperation we must reshape the global financial system for new times so that with early warning and precautionary action we can prevent crises like this happening again.

Fourth, we must avoid the mistakes of the 1930s and not descend into protectionism and isolationism.

In practical terms that means rules that make transparent the risks that banks take, rules that bring hedge funds and shadow banking inside the regulatory net, rules that force banks to hold sufficient capital and ensure their liquidity, rules that require boards who understand their business and take responsibility for the decisions they take, and systems of pay and bonuses that reward people for long term value and not short term risk taking. Regulation perhaps must not be seen as a dirty word!

Most people want a market that is free, but never values-free, a society that is fair but not laissez faire. The market is there to serve society and I hope this week end summit can be the beginning of the fundamental reforms the global economy needs.