European leaders agreed that the financial system need to tighten financial regulation to prevent a recurrence of the crisis, which plunged the world into recession. None of the markets or financial products should not fall out of control.
«All of the financial markets, products, and their members - including hedge funds and other private investment groups, which have the potential to become dangerous to the system - should be under the supervision and control», - heads of governments and nations, including German Chancellor Angela Merkel, British Prime Minister Gordon Brown and French President Nicolas Sarkozy said in a joint statement after talks on Sunday in Berlin, passes Bloomberg.
European leaders from the Group of 20 major industrial countries expressed the need for «transparent and clear action» to restore confidence in the global financial system.
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