Merkel and Sarkozy want to accelerate market regulation
German Chancellor Angela Merkel and France's Nicolas Sarkozy have called on the European Commission to speed up work on regulating financial markets, the French president's office said Wednesday.
In a joint letter to EU Commission chief Jose Manuel Barroso, Merkel and Sarkozy noted that "strong measures have already come into force. Severe turbulence on the financial markets in recent months have however raised serious concerns among member states of the European Union and all our citizens."
They said the "return of strong volatility on the markets makes it legitimate to ask questions specifically on certain financial instruments and the use of certain derivative products like naked short selling and credit default swaps."
"We believe there is an urgent need for the commission to speed up its work concerning the strengthened framework of the market in sovereign credit default swaps and naked short selling," they said.
They called on the commission to present a comprehensive action plan before the Ecofin meeting of economic and finance ministers of the 27 EU countries on July 9.
© 2010 AFP