EU leaders agree on principles of financial reform 2 Brussels

stricter controls on rating agencies, which have been widely blamed
for contributing to the current financial crisis;
- converging accounting standards;
- "no market segment, no territory, and no financial institution
should escape proportionate and adequate regulation";
- codes of conduct aimed at avoiding "excessive risk-taking" in the
financial sector, including by managers;
- give the IMF the "necessary resources and appropriate instruments"
to support countries in difficulty and recommend measures needed to
restore confidence and stability.
The EU's proposals should be drawn up within 100 days of the
Washington summit and be reviewed by a second G20 meeting early next
year, the paper says.
"At the summit in Washington we should be able to come up with
reactions and answers to the financial crisis," Sarkozy said.
"We are going to Washington with a firm will, and we expect a very
clear answer," said German Chancellor Angela Merkel.