French president Nicolas Sarkozy has stated that France will not accept agreements at the G-20 summit that ignore his demands for tighter fiscal regulation.
He has been insisting since August last year that capitalism needs to be 'refounded' under a strict new international framework of accounting standards and limits put in place on speculation that have been partly blamed for the writedowns of banks' balance sheets, AFP reports.
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There are fears that the leaders at the G-20 summit will be divided over the solution to the crisis. 'The risk is not of a failure, but of a false success a deal on phrases that sound good, but commit us to nothing. That's the real risk,' a French presidential source told reporters on Monday. France is calling for new international accounting rules and regulation of the bonuses paid to traders, as well as having the means to punish excessive risk taking, a registry of hedge funds, and sanctions in place against offshore tax havens. In recent weeks, offshore tax havens including Jersey and Guernsey have signed transparency agreements with the Organisation for Economic Cooperation and Development amid a crackdown on offshore tax havens by UK prime minister Gordon Brown.
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There are fears that the leaders at the G-20 summit will be divided over the solution to the crisis. 'The risk is not of a failure, but of a false success a deal on phrases that sound good, but commit us to nothing. That's the real risk,' a French presidential source told reporters on Monday. France is calling for new international accounting rules and regulation of the bonuses paid to traders, as well as having the means to punish excessive risk taking, a registry of hedge funds, and sanctions in place against offshore tax havens. In recent weeks, offshore tax havens including Jersey and Guernsey have signed transparency agreements with the Organisation for Economic Cooperation and Development amid a crackdown on offshore tax havens by UK prime minister Gordon Brown.