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France sees US, British resistance ahead of G20

France's drive for a deal on stronger finance rules at the G20 summit is running into strong resistance from British and US finance capitals, Economy Minister Christine Lagarde said on Tuesday.

business Updated: Sep 22, 2009 17:23 IST

France's drive for a deal on stronger finance rules at the G20 summit is running into strong resistance from British and US finance capitals, Economy Minister Christine Lagarde said on Tuesday.

The City and Wall Street are waging a struggle for the "survival" of their old ways of doing business, Lagarde told a new conference.

"These are the areas where you will find the forces of resistance to the proposals for financial regulation that we have put on the table," said Lagarde ahead of the Group of 20 summit opening on Thursday in the US city Pittsburgh.

France is leading calls for greater regulation of the financial sector, in particular curbs on bankers' bonuses to avert a repeat of last year's global meltdown.

But Britain and the United States have reacted coolly to the French proposals.

"The financial crisis will be behind us when we will have truly addressed the root of the evil," said Lagarde, who argued for reform, greater regulation and supervision of the financial industry.

Western economies will be able to celebrate a return to recovery only when jobs are being created, she argued.

"We must not minimise the elements of economic recovery but reaffirm the need to pursue out state support plans," Lagarde said.

G20 group of leading economies are meeting for two days in Pittsburgh to build on agreements made in London in April to pull out of crisis.