Brown speech on international reform

LONDON (Reuters) - Highlights from Prime Minister Gordon Brown's speech on the world's financial system at the London offices of Thomson Reuters:

GLOBAL SUPERVISION

"This crisis demonstrates beyond doubt that a global capital market requires much stronger global cooperation and supervision. And we need to ensure that we have an effective global early warning system to alert us across continents to economic and financial risk."

NEW BRETTON WOODS

"Around us we must build a new Bretton Woods. A new financial architecture for the years ahead. Sometimes it does take a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed. But we must now create the right new financial architecture for the global age."

"With the same courage and foresight of their founders, we must now reform the international financial system around agreed principles of transparency, integrity, responsibility, good housekeeping and cooperation across borders.

"First transparency. We must now insist on openness and disclosure, with an immediate adoption of the internationally agreed accounting standards -- and the standards being brought forward for the valuation of assets.

"And transparency must extend also to markets including the trillion dollar credit insurance markets which now play such a central role in shifting risk around the system.

"Second integrity. We must tackle once and for all the conflicts of interest which have distorted behaviour and undermined trust, and now lie at the heart of public concern."