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More global economic pain seen in 2009
(Agencies)
Updated: 2008-12-31 21:10

The new year will also mark attempts by global policymakers to overhaul outdated regulatory systems to head off future crises and give them more power to oversee increasingly complex financial products such as derivatives, which have complicated efforts to fix the latest financial mess.

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Outgoing US Treasury Secretary Hank Paulson said the US government had to battle the financial crisis without the tools needed to do the job effectively, the Financial Times newspaper reported on Wednesday.

In one of his last interviews before leaving office, Paulson said, "We've done all this without all of the authorities that a major nation like the US needs."

He said even after Congress in October approved the $700 billion troubled asset relief program, Washington still lacked tools such as an adequate special bankruptcy regime for non-bank financial firms.

"We're dealing with something that is really historic and we haven't had a playbook," he said.

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