European leaders are meeting in Berlin to try to hammer out a unified position on how to overhaul global financial rules. This ahead of a broader summit of G20 nations in London in mid April.
Reform of the financial sector is one of the promises of the world’s top powers, as a way of recovering from the global credit crunch. The German Chancellor is hosting the meeting, having drawn up a list of key areas she believes need urgent attention. These include better financial transparency and accountability, better regulations and more international cooperation. Observers say European leaders fear the new US administration is too busy with domestic issues to focus on long-term financial reform. But the summit comes amid tit-for-tat accusations among some EU countries of protectionism. French aid to its car industry is one example of action that has sparked controversy.