France to ECB: lead charge for derivatives market

Christine Lagarde, the French finance minister, has called on the European Central Bank to spur efforts to set up a eurozone-wide financial infrastructure for derivatives, further scuppering US efforts to create a global market for the instruments.

The French finance ministry said on Monday: "Concerning the trading of derivatives, Christine Lagarde will propose, by a letter to the president of the European Central Bank, the president of Eurogroup and European Commissioner McCreevy, to entrust