LONDON (Reuters) - Following are highlights of comments made by French President Nicolas Sarkozy and German Chancellor Angela Merkel at a news conference ahead of the G20 summit on Wednesday.
“Firstly, it would be awkward for me to leave when I’ve only just arrived. Secondly, Angela Merkel and I are on exactly the same page. We think our positions are based on common sense. We both simply wanted to get across that it (summit) was historic. And when faced with history, you can’t sidestep it.
You will judge the result tomorrow of what is not a battle,
but a frank discussion.”
“We want the G20 to succeed. On development, on the sale of the IMF gold stock, we are completely ready, of course. We can’t let poor countries which suffered before the crisis drown completely during the crisis. We must help them.”
MERKEL ON POST-G20 PROSPECTS
“Any regulations we don’t agree here, won’t be agreed for the next five years. The summit is not about horsetrading between regulation and economic growth programmes.”
“...the most important thing is that we develop a new architecture, a new constitution for financial markets and that we enact very concrete rules and make this very clear in the communique.
This cannot remain a matter of generalities, but it must become clear that those who do not adhere to our rules will be named. We decided in Washington that no place, no institution, and no product should be left without control and adequate transparency. And if we want that, then that means that there must be a list of places that do not want to be regulated.
If we want that, it means that hedge funds will need to be regulated, that there must be rules for remuneration of managers, that ratings agencies must adhere to stricter standards.”
“Countries that do not stick to agreements must be named. The communique needs to set out very concrete steps. The summit must delineate the new architecture of financial markets.”
France and Germany will “speak with one voice” at Thursday’s summit. “Our objective is simple. We demand results in London we want concrete results.”
“In the results, we want the principle of new regulation to be a major objective.....This is not negotiable.”