Netherlands, Germany call for tighter regulation of financial markets
Financial markets must be subject to tight supervision and regulation, Dutch Prime Minister Jan Pieter Balkenende and German Chancellor Angela Merkel wrote in an article published on Thursday by Dutch daily NRC Handelsblad and several other European newspapers. Balkenende is supporting the German and French side in the transatlantic debate on how to take on the economic crisis. The United States accuses the European Union of doing too little to stimulate the economy.
"Apart from the discussion on how to bring our economies back onto a robust growth path, the key challenge we face in London is to build a new financial architecture that meets 21st century requirements," Merkel and Balkenende wrote. "The credibility of the process hinges upon whether we deliver on our Washington commitments, e.g. that all financial markets, products and participants must be subject to appropriate oversight or regulation, without exception and regardless of their country of domicile," they said.
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