Industrialised nations made the first moves yesterday to look at how they might be able to reform the international early warning system, and be better prepared to deal with an economic collapse in the future. Finance Minister Dominique Strauss-Kahn led French calls to look in particular at how communications work between the International Monetary Fund - which monitors economies all over the world - and its member governments. Finance ministers said that at the heart of the debate was the extent to which the IMF was willing to go public on its concerns, and the effect that this could have. The IMF has faced criticism for not issuing a warning about the crisis early enough, but officials said there was also consensus among the world's leading economies to increase the level of transparency and accountability in all countries. The move came as the Group of Seven failed to come up with a fresh plan to deal with the crisis in Asia, but acknowledged that more must be done to ensure that more efficient financial systems are put in place. The G7 said it was committed to a 'broad-ranging debate . . . on the causes and lessons of recent events in Asia and their implications for strengthening the international monetary system.' United States Treasury Secretary Robert Rubin agreed: 'We focused on the financial situation in Asia and the global economy, but also on how best to strengthen the architecture of the international financial systems.' Several governments have become concerned that the huge bailouts extended to Indonesia and Thailand in particular, are taking time to have any beneficial impact, and that the economic turmoil risks affecting industrialised economies. British Chancellor of the Exchequer Gordon Brown said there was now overwhelming support among the G7 'that there was a need for greater transparency and better surveillance.' 'We agreed that there had to be improved regulation in the future,' he said. Mr Strauss-Kahn said the process of funding these countries, and easing investor concerns appeared haphazard, and lacked any 'structured procedures' for communicating between the international financial authorities and pressurising countries to reform their economies. 'I think we can do it in a more orderly fashion,' Mr Strauss-Kahn said. 'Take the example of Korea, where it happened like a bolt out of the blue. There needs to be a more progressive system of communications,' he said. 'The question people ask is: 'Does speeding the process up like this not pose the risk that we can make things worse?' 'The answer is yes. But then again perhaps this drawback is compensated for by the fact that we can hope for economic recoveries which require less surgery.'