Germany advocates tougher regulations, facing doubts of G20

15:09, May 21, 2010      

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German Chancellor Angela Merkel Thursday urged the Group of 20 (G20) countries to concertedly toughen regulations and quicken financial reform, meeting both with applause and resistance among world economic powers, particularly on issues of introducing an anti-speculative global financial tax.

"My plea for the G20 is, even if your countries have not been affected by specific tendencies of the financial markets, we all need to put forward the process as a whole," Merkel said in a keynote speech at an international conference on global financial regulation in Berlin, which aims to "forge common ground" for the G20 summit in Canada next month.

Speaking to financial ministers, central bank heads or their representatives from some 25 nations such as the United States, France, Brazil and China, Merkel called for "an international solution" to establish a sustainable global financial market. The means she advocated are stepping up stricter regulation and greater budget discipline, as well as insisting that effective regulations could work only if they were introduced globally and coordinately.

"If we are to have a global order and global governance, we need to have an understanding for each other," she added.

The chancellor tried to make herself understood on her proposal of establishing a tax on international financial markets, which Germany views as a smart way of curbing over-speculation and creating a rescue fund for the emergency bailout of banks in the future.


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(Editor:黄蓓蓓)

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