Sarkozy calls for G7 action on market transparency

16th August 2007, Comments 0 comments

PARIS, Aug 16, 2007 (AFP) - French President Nicolas Sarkozy called Thursday for the Group of Seven most industrialised nations to take steps to improve transparency in world markets.

PARIS, Aug 16, 2007 (AFP) - French President Nicolas Sarkozy called Thursday for the Group of Seven most industrialised nations to take steps to improve transparency in world markets.

In a letter to the current G7 chair, German Chancellor Angela Merkel,Sarkozy said he was confident the fallout from turmoil in US credit markets would have no long-term effect on growth.

"I am convinced that these market movements will not lastingly affect the growth of our economies, which is strong," he wrote.

The French president argued however that "to bring the response that is expected to the evolutions seen in recent days, we must first ensure the transparency of international markets."

"That is the main instrument of regulation upon which we can rely", to ensure the ability of world markets to "efficiently and stably finance the world economy," Sarkozy said.

Sarkozy suggested that G7 finance ministers "give their attention to the sequestions in the coming weeks, in liaison with our central banks, the Financial Stability Forum and the IMF" and "submit us a report of theiranalysis and proposals at their meeting in October in Washington".

"I believe it is our responsibility as heads of state and government to draw immediate consequences and lessons from the events affecting themarkets," he said.

AFP

Subject: French news

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