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Page last updated at 18:16 GMT, Wednesday, 1 April 2009 19:16 UK

France and Germany united at G20

President Sarkozy: 'Regulation is a major objective'

The French and German leaders have said the need for stricter global financial regulation is "non-negotiable".

French President Nicolas Sarkozy and German Chancellor Angela Merkel said institutions that did not comply with new rules should be identified.

They were speaking during a joint news conference after meeting ahead of the G20 summit on the global economic crisis in London.

France had threatened to walk out of the summit if its demands were not met.

After meeting Chancellor Merkel, President Sarkozy said concrete steps must be taken on tax havens, hedge funds and ratings agencies.

He said that both France and Germany had set these issues as "red lines" in the negotiations at the G20 summit on Thursday.

Mrs Merkel said the two leaders had come to London in a constructive mood.

But she stressed that "we do not want results that have no impact in practice".

"We want the kind of results that are really an outcome and change the world," the German chancellor said.



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