European leaders on Sunday outlined proposals to regulate financial markets and hedge funds and clamp down on tax havens.At a meeting in Berlin ahead of the G20 summit in London in April, the leaders called for new sanctions to punish ??unco-operative? jurisdictions and tax havens, which member states plan to name in the coming weeks.
In a joint statement, the heads of government and finance ministers of Germany, France, the UK, the Netherlands, Czech Republic and Luxembourg, as well as the president of the European Commission and central bankers endorsed a plan to create a comprehensive regulatory framework that covers ??all financial markets, products and participants ?? including hedge funds and other private pools of capital which may pose a systemic risk?.
Details on the plan still need to be worked out before meeting in London in April.
