Merkel and Sarkozy seek EU action on financial-market transparency[fr][de] 

The two European leaders said that they would push for an EU initiative to improve the transparency of financial markets, after a regular informal meeting in Meseberg, Germany on 10 September 2007.

Following the recent turmoil in financial markets spurred by the US sub-prime market collapse, Chancellor Merkel criticised in particular the failure of rating agencies. She asked: "How can we tell people at home that nobody knew anything about this and yet they all have to live with the consequences?"

The German Chancellor underlined that financial-market transparency had also been a key issue addressed during the German EU and G8 Presidencies, and said that it should become a "common European concern".

President Sarkozy took a tough line on "financial speculators", such as hedge funds, who should not be allowed "to destroy an entire international system", the French leader urged. He added: "We are in favour of transparency and regulation, and for a capitalism that favours entrepreneurs, not speculators."

The calls for a tighter grip on rating agencies and increased market transparency echo demands by MEPs discussing recent financial-market turbulences in the European Parliament last week. On this occasion, Internal Market Commissioner Charlie McCreevy promised to look into the role of ratings agencies, but argued that more transparency should be achieved by different means from regulation (EurActiv 06/09/07).

Merkel and Sarkozy also discussed issues of common European concern, such as energy, and proposed the creation of a "council of wise men" to debate how the EU should evolve over the next 30 years, including the question of enlargement. Both Merkel and Sarkozy are opposed to Turkish EU membership, supporting a close association instead. However, the two remained vague on the composition of such a council, but underlined that its members should not be individuals who are actively involved in the Commission, Council or Parliament.