European Union leaders yesterday agreed on the need for blanket regulation of financial markets and hedge funds, outlining sweeping proposals as they sought a common position to combat the global economic crisis.
At a meeting in Berlin ahead of the Group of 20 summit of advanced and emerging economies in London in April, Europe's leaders called for sanctions to punish “unco-operative” tax havens, which member states plan to name in the next few weeks.
Angela Merkel, German chancellor, who hosted the meeting, said leaders also agreed to support doubling the financial resources of the International Monetary Fund so it could act quickly to bail out nations in need in an “extraordinary international crisis”.
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