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Most viewed in Economics
Democracy in distressPolitical leaders seem to be structurally condemned to short-termism. |
Greece urged to reach deal with bondholdersLatest private-sector involvement plan deemed unacceptable; former European Commission president to head up bail-out fund's investment arm. |
Denmark 'plans to sign up to fiscal treaty'Danish finance minister says negotiations are continuing but there are areas of concern. |
Reform of the financial sector
Leaders from the eurozone also pledged to make rapid progress on completing a new regulatory framework for financial markets. They stressed the need for more transparency on trading in derivatives and dealing with ratings agencies.
Several leaders, including Angela Merkel, Germany's chancellor, and Nicolas Sarkozy, France's president, have blamed financial-market turmoil on naked short-selling of credit default swaps.
They have also called for stricter regulation of credit ratings agencies, which they accuse of fuelling Greece's, Spain's and Portugal's debt problems by downgrading their credit status at a point when it would do maximum harm to their reputation on financial markets.
As part of work on financial-markets regulation, leaders agreed to intensify efforts to improve crisis management in the financial sector and to ensure that the sector made a “fair and substantial contribution” to covering the costs of crises.
Several countries, including Germany, France and the UK, are planning to introduce levies on banks that would be used to recoup money expended to save banks during the financial crisis and to finance the orderly winding down of banks and financial institutions.
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Why both countries seem to be losing their grip on reality.
Fiscal rectitude must be balanced with measures to create jobs and stimulate growth, the European Council agreed tonight.
