Sarkozy and Merkel call for more transparency

Nicolas Sarkozy, the French president, and Angela Merkel, the German chancellor, said on Monday that hedge funds and rating agencies must face greater scrutiny.

Sarkozy said: "We cannot allow a few speculators to bring down the whole international system, borrowing under any conditions they like and buying at any price they want and without knowing who is lending."

"We are in favour of transparency and regulation and for capitalism that benefits businessmen, not speculators," the president add