France, Germany agree on radical financial regulation
In the future, no country, no institution and no financial product must be allowed to remain beyond market regulation, the French and German finance ministers said in Paris on Tuesday, dpa reported.
France's Christine Lagarde and her German counterpart Peer Steinbrueck also agreed that action must be taken in the future against any financial centre that does not cooperate in the fight against tax fraud and money laundering.
The Organization for Economic Cooperation and Development (OECD) is to prepare a "black list" of uncooperative countries for the next G20 summit, to be held in London on April 2.
The two finance ministers met in the French capital to coordinate preparations for that meeting, which will deal with the deepening global economic and financial crisis.
Lagarde demanded that all banks currently active in tax havens are to be made to issue annual reports on these activities.
For his part, Steinbrueck said that tax havens would "of course" be on the G20 summit agenda.
Asked about Switzerland - which was recently accused of being an uncooperative tax haven by French President Nicolas Sarkozy - the German finance minister said that the Swiss had "officially not been cooperative at all."
Lagarde and Steinbrueck both said that no new economic stimulus packages were being planned, and agreed that the resources of the International Monetary Fund should be doubled, to 500 billion dollars.