Europe speaks with one voice on global financial reform. Or so said President Nicholas Sarkozy, after a three-hour meeting of EU heads of state in Brussels. He called the gathering to hammer out a united position on the credit crisis, ahead of a summit involving the world’s largest economies in Washington in a week’s time.
President Nicolas Sarkozy said: “We don’t want to pass from an absence of regulation to too much regulation but we want to change the rules of the financial game. That is the basis on which Europe will go to Washington, with the will to defend a common position, that of transparency and of restructuring.”
But what that will involve is as yet unclear. France has proposed a series of measures, including stricter regulation for financial bodies such as hedge funds, obligatory registration of the rating agencies and a greater role for the IMF.
Eager for the Washington meeting on November 15 to be more than just a talk fest, France wants leaders to formulate a draft action plan on the crisis within 100 days of the summit. President Sarkozy said: “All the forecasts indicate there’s an economic crisis coming. We must take this into account. Europe must be pro-active.”