( dpa )- The leaders of Europe's largest economies Tuesday agreed to remove the "transparency deficit" in the international finance and banking system in the wake of recent market turmoil prompted by the global credit crisis.
The call came in a comunique issued after an informal mini-summit in London Tuesday evening chaired by British Prime Minister Gordon Brown, and attended by European Union Commission President Jose Manuel Barroso , French President Nicolas Sarkozy , German Chancellor Angela Merkel and acting Italian premier Romano Prodi .
It said greater transparency should be accompanied by an "early warning system" to point to future risks as well as a greater exchange of information within the EU and at the international level.
"The economic fundamentals of Europe are sound," the communique said.
It added that if market participants failed to address the issues raised by the recent volatility on world markets then regulatory alternatives would have to be considered.
Brown said the European members of the G8 would discuss the measures with G8 partners during over the next few weeks and months to start a process of "big reforms."