The leaders of Britain, France and Germany said yesterday that market solutions hold the key to overcoming the current turmoil on financial markets.
In a joint statement issued at the end of a European Union summit, Prime Minister Gordon Brown, President Nicolas Sarkozy and Chancellor Angela Merkel said confidence and transparency were vital to the proper functioning of markets.
"We feel that market solutions are a key element to deliver greater transparency and more resilient financial markets," they said.
They called on EU finance ministers to study whether regulatory or other action was necessary to achieve a better disclosure and exchange of information, notably on risks from hedge funds and complex securities to enable market players to better manage risk.
They cast doubt on calls for more regulation of fin-ancial markets, saying fin-ancial institutions and investors had prime responsibility for managing risk, backed by strong national regulatory frameworks. ( Reuters )