WASHINGTON (AP) -- Current efforts to reform the global financial system are gaining momentum and will not falter as did an attempt after the 1995 Mexican crisis, Federal Reserve Chairman Alan Greenspan and outgoing Treasury Secretary Robert Rubin said Thursday. They assured Congress they had much more confidence that necessary reforms will be implemented this time, in part because the 22-month-long Asian crisis had demonstrated the need for an overhaul of the world's financial structure. ``What has come out of the Asian crisis is an enormous global focus on architecture, a lot of debate, a lot of different ideas,'' Rubin said. ``I would have a fairly high degree of confidence this energy will not flag.'' In a joint appearance with Rubin before the House Banking Committee, Greenspan said there was added urgency because of the long list of countries whose economies have been leveled by financial troubles that have struck three continents. This time, around one-third of the globe was pushed into recession, providing a number of new case studies of how the world operates now that billions of dollars in investments can move with the speed of clicking computer keys, Greenspan said. ``We now have far more information, far more understanding and the capability of confronting these things which I don't believe we had immediately after the Mexican crisis,'' Greenspan said. Greenspan and Rubin gave a generally upbeat status report on efforts to institute reforms to prevent future Asian-style currency crises. Greenspan stressed that Fed policy-makers agreed with the broad thrust of the plan put forward last month by the Clinton administration. Rubin, the administration's point man on the Asian crisis, announced last week that he will step down as treasury secretary in July. Deputy Treasury Secretary Lawrence Summers has been nominated to replace him. Greenspan, who issued a strong statement of support for Summers last week, continued to signal to financial markets that he and other Fed policy-makers are working closely with the administration on the global crisis. Both Rubin and Greenspan urged the private sector to share more of the burden of bad investment decisions. One of the principal criticisms of the massive bailouts of Mexico in 1995, and, more recently of Asian nations, Russia and Brazil, has been that much of the money went to repay foreign investors who made bad bets. ``There is no question that all creditors who make bad investments should get the appropriate remedy -- which is loss,'' Greenspan said. Rubin reviewed a package of proposals the administration first released in April before the spring meetings of the 182-nation International Monetary Fund. He noted the IMF already had adopted a key measure: contingent credit lines to countries pursuing sound economic policies, before a crisis prompted by investors dumping currency. Rubin said the IMF would not disburse any money without approval from the agency's executive board, ensuring that qualified countries continued prudent economic plans. Greenspan, making the case for better financial reporting standards, said misleading information put out by Thailand and South Korea had worsened the market's reaction when trouble arose in those nations. -=-=- 