French President Sarkozy unveils ambitious G-20 agenda

French President Sarkozy unveils ambitious G-20 agenda

2011-01-25 03:10:17 GMT+7 (ICT)

PARIS (BNO NEWS) -- French President Nicolas Sarkozy on Monday unveiled ambitious G-20 agenda that includes reforming the international financial system, France 24 news reported.

Sarkozy presented France's goals as the holder of the G-20 and G-8 presidencies. The ambitious plan also includes addressing imbalances in global economic governance and regulating commodities markets.

The unveiled plan was designed to tackle the world’s most pressing problems during France's collective presidency, as named by President Sarkozy. The French leader also called for expanding the role of the International Monetary Fund (IMF).

"We propose to the G-20 to develop a code of conduct for managing capital flows and ultimately France's conviction is that a reform of the IMF's statutes is desirable," said the French president.

According to Sarkozy's proposal, the IMF should increase its surveillance of international capital flows based on a new code of conduct that should be developed by the G-20.

This broadening of the IMF is an attempt to address the imbalances in the global financial system, said Sarkozy. The French leader added that his government supports imposing a financial tax as a resource for future development as well as regulating commodities markets.

"We want regulation of primary commodity financial markets. We must improve transparency on physical markets. We must be able to know the outlook of stocks," remarked France's president. "There's no market without rules. This is a truly key issue."

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