St. ANDREWS, BRITAIN, Nov. 7 (Xinhua) -- British Prime Minister Gordon Brown wants "a better economic and social contract" to reflect the global responsibilities of financial institutions to society.

    Brown told the ongoing G20 Finance Minister and Central Bank Governor Meeting here four principles should be followed "when considering the proposals for an insurance fee to reflect systemic risk or a resolution fund or contingent capital arrangements or a global financial transactions levy."

    First, the proposals should be global to reflect the existence of financial institutions as the world's first truly global sector and thereby create a level playing field for its operation, he told the meeting of financial policymakers from the Group of 20.

    Second, they should be non-distortionary to avoid damaging reductions in liquidity, inefficient allocation of capital and the temptation of avoidance.

    Third, they should complement and reinforce the action being taken to enhance the stability of the international financial system and the global economy.

    Fourth, the levy should be fair, measured and enable financial services to make their necessary contribution to the future economic growth.

    "I do not in any way underestimate the enormous and difficult practical and technical issues that will need to be overcome that a globally cohesive system raises," Brown said.

    "But I do not think these difficulties should prevent us from considering with urgency the legitimate issues," he added.

    "That can not be achieved by a national approach, only with a global approach," he noted.