Merkel calls for tougher world financial regulations

Merkel calls for tougher world financial regulations
# 20 May 2010 18:50 (UTC +04:00)
Baku-APA. German Chancellor Angela Merkel on Thursday called for tougher global financial regulations, including strengthening world financial regulations by taxing banks globally, APA reports quoting news.xinhuanet.com website.
Merkel also called for the establishment of a new European rating agency and the coordination of exits from stimulus measures during a conference of finance ministers from a number of G-20 nations.
The aim of the conference is to discuss new financial regulations the group will consider at a June G-20 summit in Toronto, Canada.
Merkel said international taxation would not ruin financial markets and Germany would push its partners to introduce taxes on banks at the Canada summit.
She stressed the importance of set up a European rating agency, saying, "the relationship between policymaking and rating agencies is a very tricky one and an interesting subject that needs to be addressed.
She said a European rating agency could act as “an alternative or a competitor” to the large private agencies.
Merkel also hoped to have an international agreement on exit strategies.
"The issue of exit strategies is of great importance to us," she said. "I am very concerned that we will be able to agree on a similarly coordinated — as we did stimulus measures — international agreement on exit strategies."
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