1. Wide of German Chancellor Angela Merkel and French President Nicolas Sarkozy arriving for a news conference
2. Close of security
3. Wide of German Chancellor Angela Merkel and EU Commission President Jose Manuel Barroso leaving a news conference
4. SOUNDBITE (English) Jose Manuel Barroso, EU Commission President:
“No, there are some comments, but in fact so far we have kept out internal markets open and I believe we are going to do it. You know, we have that responsibility, we are of course fighting hard to keep this, because it’s natural that in the moment of difficulties there is a tendency to close, but I believe that is not going to happen so that we are going to keep our economies open.”
5. Mid of officials
6. SOUNDBITE (English) Jan Peter Balkanende, Dutch Prime Minister:
“Of course I can imagine there is concern about employment in the automobile sector, that is clear. And I also can imagine the countries will say it is important that people can have their jobs with those companies. On the other hand, we have to take into account the rules of competition, that is an European issue but also what is the American government doing in relation to the car industry and what is happening within Europe, so therefor it is also clear that this has a worldwide dimension.”
7. Wide of Italian Prime Minister Silvio Berlusconi and Merkel leaving the bilateral meeting
8. Wide of Berlusconi giving a statement
9. SOUNDBITE (Italian) Silvio Berlusconi, Italian Prime Minister:
“We said that we have to go and talk to the US administration and we also need to get China involved. This applies to everything; to the Copenhagen conference in December, for example. So we can’t go to a conference without having held previous preliminary meetings and having tried to find common ground. The good thing is that there is great confidence among leaders and we can work well together.”
10. Wide exterior of official convoy
European leaders backed sweeping new regulations for financial markets and hedge funds at a summit in Berlin on Sunday as politicians and nations scrambled to tame the global economic crisis.
German Chancellor Angela Merkel hosted heads of state and finance ministers from Europe’s largest economies to try to establish a common European position on economic reforms before an April 2 summit of the Group of 20 nations.
“All financial markets, products and participants including hedge funds and other private pools of capital which may pose a systematic risk must be subjected to appropriate oversight or regulation,” Merkel said in a statement released on behalf of the summit members, following the talks.
Top officials from Britain, France, Germany, Italy, Luxembourg, Spain, the Netherlands and Czech Republic agreed on seven key points during their one-day meeting in Berlin, the statement said.
But the call for blanket global regulation was sure to be resisted by the financial industry and may not be welcomed completely by other members of the G-20, which in addition to European nations includes the United States, China, Japan and developing nations like India and Brazil.
European leaders backed Merkel’s call for a “charter of sustainable economic activity” to reduce economic imbalances and stabilise financial markets.
The charter would subject all financial market activities around the globe to regulation, including credit rating agencies.
Merkel said the charter would be “based on market forces but prevent excess and ultimately lead to the establishment of a global governance structure.”
The leaders also agreed to strengthen the IMF (International Monetary Fund) and to support doubling its funds.
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