Merkel meets Brown in London, focusing on global downturn

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Source: CCTV.com | 03-15-2009 13:23

German Chancellor Angela Merkel has had talks with British Prime Minister Gordon Brown in London. Their meeting on Saturday came as G20 financial officials gathered in Britain.

Britain's Prime Minister Gordon Brown gestures before attending a joint news conference with Germany's Chancellor Angela Merkel at 10 Downing  Street in London March 14, 2009. Merkel said on Saturday she was optimistic a G20 summit Britain hosts next month would bring positive measures  to tackle the global economic crisis, but was  wary about more fiscal stimulus.REUTERS/Steffan  Rousseau/Pool (BRITAIN POLITICS)

Talks are being held to find common ground in the effort to tackle the global downturn. Merkel emphasized the importance of regulation and transparency in financial markets. Brown called for the creation of a global network of financial supervision.

Gordon Brown, British Prime Minister said "We've learnt from this crisis that markets should be free, but they should not be values free and that markets need more and effective supervision. Regulation in one country must cooperate more closely with regulation in another country to create a global network of supervision that captures the risk that all of us face and are affected by."

Angela Merkel, German Chancellor said "We need to ensure, through regulations, through supervision that we ward off such a crisis in the future. Part of that is that we have no products, no players, and no places in the world that can in any way escape supervision and transparency."

Editor:Xiong Qu