The global economy is being pushed "inexorably toward the next crash" due to the weakness of international banking rules, a former British prime minister wrote in the New York Times on Thursday.
World leaders have been in "retreat" since the collapse of Lehman Brothers in 2008 and have "made a mockery of global coordination", according to Gordon Brown, the U.K.'s prime minister between 2007 and 2010.
The comments come as the European Union wrangles over the details of a Banking Union and U.S. lawmakers push ahead with the Volcker Rule reform, in an attempt to clean up the banking sector and restore confidence in the industry.
During his decade-long reign as the U.K.'s finance minister, Brown promised "no return to boom and bust" economics, before leading the country into recession. He also oversaw the disastrous policy of selling off the majority of Britain's gold reserves for prices between $256 and $296 an ounce. Gold has soared to $1,205 an ounce today.
(Read more: The global financial crisis is over: Nomura)
Brown says politicians have failed to create international banking rules and have instead resorted to "unilateral" actions in the national interest. While the U.S. has pressed ahead with the Dodd-Frank financial law, regulation in Europe, Latin America and Asia has remained lax, he said.
"In short, precisely what world leaders sought to avoid — a global financial free-for-all, enabled by ad hoc, unilateral actions — is what has happened," Brown wrote.
"Political expediency, a failure to think and act globally, and a lack of courage to take on vested interests are pushing us inexorably toward the next crash."