Nov. 3 (Bloomberg) -- Brazilian central bank President Henrique Meirelles said asset and credit bubbles will be a topic at the G-20 talks scheduled for this week.

“There’s a need for international cooperation in preventing imbalances and bubble-building and some of that demands international regulation, symmetry of regulation among several countries,” Meirelles told reporters today in Oxford, UK.

Current U.S. policy is feeding a “monster” asset bubble, Nouriel Roubini, a New York University professor who predicted the global crisis, wrote in the Nov. 1 edition of the Financial Times. Finance ministers and central bankers of the group of the 20 most industrialized nations will meet Nov. 6-7 in St. Andrews, Scotland, to discuss ways to avoid bubbles.

“That is I think a very, very important next step,” Meirelles said.

Brazil’s government on Oct. 19 imposed a 2 percent tax on foreign purchases of fixed income securities and equities to stem the currency’s rally and stock market speculation.

The real has gained 33 percent this year -- the best performance among the 16 most traded currencies tracked by Bloomberg -- and strengthened 1.1 percent today to trade at 1.7446 per dollar at 3:18 p.m. New York time.

The Bovespa Stock Index has gained 67 percent this year overall, including at 1.8 percent climb today to 62,643.23 at 3:21 p.m. New York time.

Meirelles said the central bank is “very carefully” monitoring credit markets for what he called the “most dangerous form of bubble” -- credit-driven ones.

“There was no credit bubble before this last crisis and we’re making sure another one doesn’t develop in an emerging economy like Brazil,” he said.

To contact the reporters on this story: Andre Soliani in Brasilia at asoliani@bloomberg.net; Laura Price in London at lprice3@bloomberg.net

Last Updated: November 3, 2009 15:45 EST