Ethics and governance in the European Financial centers

President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Barroso yesterday agreed invite world leaders to participate to a series of summits on the global financial crisis, with the first held in the U.S. after the US presidential election.

"We live in the 21st century, but we continue to apply 20th century rules. Hedge funds cannot continue operating as they have in the past; tax havens, neither; financial institutions that are under no supervisory control -- this is no longer acceptable, this is no longer possible. Together, among friends, among allies, we must be able to say to the world that we are determined to find a solution together, to find answers together."

(President Nicolas Sarkozy)


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