EU finance ministers that the global financial reform should strengthen financial supervisi

EU finance ministers in Brussels on the 4th monthly regular meeting on the upcoming summit to coordinate the global financial position, and said that the global financial reform should strengthen financial supervision. France holds the rotating EU presidency Economy, Finance and Employment Minister Christine Lagarde after the meeting at a news conference that France prepared a package of 11 reform proposals in the meeting held on that day to win broad support. Under the program, the EU advocate of the global financial system reform should be to ensure that the fundamental principles of transparency of the operation of financial markets to avoid the risk of financial market participants, regardless of the short-sighted behavior and improve the accountability mechanism. To this end, the program should be to strengthen the global financial market supervision, to eliminate blind spots and regulatory loopholes that may exist among countries, as well as the inconsistency, the specific measures, including credit rating agencies to carry out the compulsory registration, to develop a code of conduct, bound by the financial industry executives Risk-taking behavior, and so on. Program advocates the establishment of a global financial crisis early warning system to detect the existence of global financial markets, regulatory bodies of different countries should also strengthen co-operation. At the same time, proposals to the International Monetary Fund and the World Bank and other international financial institutions to be reformed to enable them to play a greater role and to give China and India, and other emerging economies more say in those institutions. In addition, countries should also be in accounting standards and financial capital adequacy ratio requirements in areas such as promotion of co-ordination. Although the EU finance ministers agreed on the same day the basic program drawn up by France, but some member states that the program is too detailed and could lead to over-regulation of financial markets. According to the plan, EU member states on the 7th Summit will meet in Brussels to further coordinate their positions so that on the 15th of this month, held in Washington on global financial reform of the G-20 Summit claim.