Sarkozy, Merkel call for control on financial derivatives

09:06, June 22, 2010      

Email | Print | Subscribe | Comments | Forum 

French President Nicolas Sarkozy and German Chancellor Angelor Merkel said Monday that they hope the upcoming G20 meeting in Toronto can accelerate the work to take tighter control over financial derivatives.

"We agreed to decide, in Toronto, to accelerate the implementation of vigorous measures to improve transparency, regulation and supervision of derivatives products," the two leaders said in a joint letter addressed to Canadian Prime Minister Stephen Harper.

"We also need a coordinated response to the specific challenges posed by the CDS (credit default swap) markets, including sovereign CDS," they said.

The CDS is a swap contract involving credits exchange that the traders take to offset risk. This derivative was blamed for the crisis of Greek sovereign debts.

In a letter published by the Elysee Palace, Sarkozy and Merkel also called for efforts to fight against tax heavens.

"In Toronto, we should also be committed to continue our vigorous fight against tax havens, money laundering, corruption, terrorist financing and the violation of internationally accepted prudential rule," the letter underlined.

"We should define proportionate punishment and coordination against the financial centers with glaring deficiencies in the exchange of tax information, money laundering and terrorist financing," the two leaders said.


【1】 【2】

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • A Jew from Port Harcourt of Nigeria blows a shofar at the Western Wall Plaza in Jerusalem's Old City on Sept. 28, 2011, ahead of Rosh Hashanah, the two-day Jewish new year which will begin at sunset on Sept. 28 and conclude at nightfall on Sept. 30. (Xinhua/Yin Dongxun)
  • A Jewish worshipper prays at the Western Wall, Judaism's holiest prayer site, in Jerusalem's Old City on Sept. 28, 2011, ahead of Rosh Hashanah, the two-day Jewish new year which will begin at sunset on Sept. 28 and conclude at nightfall on Sept. 30. (Xinhua/Muammar Awad)
  • A Jewish worshipper prays at the Western Wall, Judaism's holiest prayer site, in Jerusalem's Old City on Sept. 28, 2011, ahead of Rosh Hashanah, the two-day Jewish new year which will begin at sunset on Sept. 28 and conclude at nightfall on Sept. 30. (Xinhua/Muammar Awad)
  • High school student Johanna Choapa is helped by her father after announcing the end of hunger strike in Santiago, capital of Chile, on Sept. 28, 2011. The end of the strike took place to make way for a dialogue with the government, seeking to resolve the four-month crisis in the education sector. (Xinhua/Jorge Villegas)
  • Passengers wait for help after a coach skidded of an icy road in Xinghai county, Northwest China's Ningxia Hui autonomous region, Sept 28, 2011. The accident occurred at an altitude of 4,400 meters Wednesday morning and has trapped 41 passengers in the snow covered area. The coach was travelling from Xining city to Yushu county in Qinghai. (Photo/Xinhua)
Hot Forum Discussion