German chancellor calls for more transparency in financial markets

Business Materials 20 September 2008 20:21 (UTC +04:00)

German Chancellor Angela Merkel called Saturday for greater transparency in financial markets, following the global upheavals caused by the US credit crunch, reported dpa.

Merkel said it was unfair that the losses arising from the crisis have been "shed fairly equally around the world."

Europe needed to do more for greater transparency and to ensure that such a scenario does not repeat itself, she told a rally of the conservative Austrian political party OeVP.

Merkel said greater trans-Athaltic cooperation was needed in the financial sector.

Earlier, Merkel revived Germany's campaign of a year ago for global regulation of financial markets to prevent another crash like the past week's.

In an interview with a Munich newspaper, the Muenchner Merkur, she criticized the US and British governments for obstructing Germany's efforts in the first half of 2007 to bring greater transparency to the markets.

"Alongside national rules, we need more international agreements to deal with irresponsible speculators," she said in remarks released before the newspaper was to print them on Monday.