Javno - EU - Merkel Wants New Financial Rules Within A Year

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EU - Merkel Wants New Financial Rules Within A Year

Merkel also said she expected Europe to push its views forcefully in the talks, which will include leaders from the so-called G20 nations.The White House has said the Nov. 15 summit will be the first in a series at which major nations will discuss reforms to the financial system. The meeting comes in the midst of the worst financial crisis in nearly 80 years. Speaking at the same conference, German Finance Minister Peer Steinbrueck spoke of a window of opportunity for creating new rules for the financial system and cautioned that a change in government in the United States should not delay their implementation. "My hope is that ... we don't see any developments that might change the path we are on," he said, referring to the U.S. election. The United States will vote next Tuesday in an election contested by Democrat Barack Obama and Republican John McCain.

Both Merkel and Steinbrueck have criticised the United States for resisting European efforts in past years to introduce tougher regulation of the financial system, including more supervision of hedge funds.