Two leaders also noted that creating new institutions will not solve the problem. Merkel and Sarkozy talked to media after a summit on Monday, which was initially supposed to start in Berlin a week ago.
Merkel and Sarkozy in a joint letter will urge the chairman of G20 meeting to speed up reforms in financial regulation. They will also seek support for a financial transaction tax and bank levy. If a nation impose tax unilaterally, banks will move to other nations that have no such taxes.
For more: Germany, France Find Need For Economic Governance In EU27 | Daily Markets
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