EU leaders agree outline of global financial regulation

Daily news headlines

BERLIN - European leaders have met to agree seven key points for sweeping regulatory change in response to the financial crisis. German chancellor Angela Merkel chaired the meeting with UK prime minister Gordon Brown, president Nicolas Sarkozy of France, Italian prime minister Silvio Berlusconi and top officials from Luxembourg, Spain, the Netherlands and the Czech Republic.

A statement was released on February 22, designed as a precursor to establish the European position before the April 2 summit of the G-20 nations. Gordon Brown has already called for a "global New Deal" in response to the crisis - an echo of the US response the 1930s Depression. It is unknown whether the new US administration, Japan, China and other developing nations such as India and Brazil will heed the call.

"All financial markets, products and participants, including hedge funds and other private pools of capital, which may pose a systematic risk must be subjected to appropriate oversight or regulation," said Merkel in a statement on behalf of summit members.

"The IMF's resources must be doubled to enable it to help its members swiftly and flexibly when they experience difficulties with respect to their balance of payments," she said.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: