...

EU leaders stress need for tougher financial supervision

Other News Materials 22 February 2009 20:49 (UTC +04:00)

Leaders from major European Union countries on Sunday agreed on the need to toughen supervision of global financial system in order to prevent future financial crisis, Xinhua reported.
Speaking after a gathering of leaders and finance ministers of EU members of the Group of 20 nations in Berlin, German Chancellor Angela Merkel stressed that all financial markets, products and participants must be put under gapless supervision in order to restore market confidence.
Both Merkel and French President Nicolas Sarkozy said that all EU nations want to see a successful summit of the Group of 20 nations slated for April in London. "This is the last chance" to overhaul the global financial system, Sarkozy told the joint press conference after Sunday's talks.
Gathering in Berlin at the invitation of Merkel, EU leaders and finance ministers agreed that all financial markets, products and participants, including hedge funds and credit rating agencies should be put under tougher supervision or regulations.
The leaders also called for tougher sanction mechanisms against tax havens and "uncooperative" financial centers.
The meeting, attended by leaders and finance ministers from Britain, France, Italy, Luxembourg, the Netherlands, Spain and the Czech Republic who holds the current EU presidency was aimed at forging a common European position ahead of the April summit of the Group of 20 nations in London.
British Prime Minister Gordon Brown, who will host the G20 summit, told reporters on Sunday in Berlin that it is necessary to achieve worldwide coordination against the financial crisis.
He suggested that although 3 trillion U.S. dollars have already been invested by governments to stimulate world economy, international financial institutions should come up with at least 500 billion U.S. dollars to combat financial crisis.
Jean-Claude Trichet, president of the European Central Bank who was also present at the Berlin talks, warned that there is no obvious way to restore trust in financial markets because of the absence of any clear forecast of future developments.

Latest

Latest