German Chancellor Angela Merkel (C) pose with European leaders for a family picture after a meeting in the Chancellery in Berlin, Feb. 22, 2009. European leaders met in Berlin on Sunday to agree a common stance on overhauling global financial rules but their summit risked being overshadowed by concerns about the fragility of euro zone and eastern European states.(Xinhua/Reuters Photo)
Major European Union (EU) countries on Sunday agreed on concrete measures to reinforce supervision of world financial markets.
The EU nations have proposed tougher supervision of hedge funds and credit rating agencies, as well as a crackdown on tax havens, according to a chair's summary released after a meeting of European leaders and finance ministers here.
The EU leaders also want to prevent excessive risk taking through binding guidelines on corporate bonus payments and call for moves to monitor all major cross-border financial institutions through the creation of new watchdogs.
Source: Xinhua
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