French President Nicolas Sarkozy has urged Group of Seven (G7) industrialized countries to be more vigilant on the world's financial markets in a letter to German Chancellor Angela Merkel, a government spokesman said Thursday.
Sarkozy, in his letter, called for the G7 finance ministers to discuss the issue at their October meeting in Washington against the backdrop of recent market turmoils.
"It is essential that we keep an eye on the transparency of the functioning of markets and their capacity to finance the world economy in an efficient and stable way," Sarkozy wrote.
Sarkozy, who is in the United States for holiday, proposed that G7 countries should work more closely with the International Monetary Fund and central banks to secure greater transparency in the markets, said the spokesman.
Merkel, whose country currently holds the rotating G7 presidency, had been trying to push for greater transparency in financial markets during the Group of Eight summit in Heiligendamm in Germany in June.
However, the leaders failed during the summit to clinch a deal on tightening up regulations on hedge funds and other highly leveraged financial institutions.
Source: Xinhua
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