France and Germany demand regulation at G20: Sarkozy | world | Hindustan Times
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France and Germany demand regulation at G20: Sarkozy

world Updated: Apr 01, 2009 20:03 IST
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President Nicolas Sarkozy insisted on Wednesday said that G20 leaders must use their London summit to crack down on tax havens, warning Paris and Berlin are not happy with current drafts for an accord.

France has thrown down the gauntlet ahead of tomorrow's summit of leading world economies, threatening to walk out unless there is a deal on tough new regulation of global finance and curbing offshore tax havens.

Sarkozy said he spoke with German Chancellor Angela Merkel on Tuesday and that they had agreed that, while "no firm agreement has been reached" between G20 negotiators, the latest draft deal "didn't add up."

"Neither France nor Germany are satisfied with the proposals as they currently stand," Sarkozy told Europe 1 radio just hours before taking the presidential jet to London to meet fellow G20 leaders in Downing Street.

Sarkozy and Merkel are to hold a joint news conference in London at 1530 GMT (2100 IST) today to press their demands for new accounting norms, regulation of trader bonuses, a registry of hedge funds and a clampdown on tax havens.

"We are on exactly the same wavelength," said the French leader, stressing that Paris and Berlin "will carry a European vision, based on European values" to the two-day summit.