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New financial rules 'non-negotiable' aim, says Sarkozy

The aim of agreeing new regulations for the financial sector is "non-negotiable" for France and Germany at this week's G20 summit, French President Nicolas Sarkozy said at a joint press conference with German Chancellor Angela Merkel.

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AFP - The aim of agreeing new regulations for the financial sector is "non-negotiable" for France and Germany at this week's G20 summit, French President Nicolas Sarkozy said Wednesday.

"Without new regulations, there will be no confidence. And without confidence there will be no recovery. It's a major aim, non-negotiable," he said in a joint press conference with German Chancellor Angela Merkel.

"Germany and France will speak with a single voice... our aims are the same, both on principles and in practice. We demand results," added Sarkozy, who did not repeat a threat to walk out of Thursday's G20 summit.

Referring to the last Group of 20 summit in Washington last November, he added: "In Washington we set out the principles. In London we want concrete things, results."

And he added: "Germany and France want the principle of new regulations to be a major aim. Germany and France have put everything into (promoting) recovery, we have to fuel that, and we have done that."

On Tuesday Sarkozy had threatened to walk away from the G20 summit in London if other leaders refuse to address calls for stronger regulation of global finance.

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