Germany Calls For Regulation of Global Financial Markets

European Leaders Discuss Common Ground in Economic Crisis By Lisa Bryant Paris VOA

European leaders agreed to a common platform to combat the global financial crisis that includes oversight of all financial markets and products around the world. The proposed measures were drafted in Berlin in preparation for a key meeting of the world's economic powers in April.

The measures for financial markets proposed by EU leaders are a sweeping and tough reaction to what many perceive to be excesses and lack of regulation that helped trigger the global economic crisis. At a meeting in Berlin, leaders from eight European countries called for regulating financial markets and hedge funds, investment funds that typically lead to aggressive financial strategies.

German Chancellor Angela Merkel, who hosted the summit, said all financial markets, products and participants that pose a major risk must be regulated.

Ms. Merkel also called for world economies to coordinate in establishing sanctions for tax shelters and regions where financial deals are opaque.

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