EU G20 Summit: Fin Mins Won't Issue Joint Statement -Official

EU G20 Summit: Fin Mins Won't Issue Joint Statement -Official

BERLIN -(Dow Jones)- European Union finance ministers at the Berlin Group of 20 preparatory summit contrary to previous plans will not issue a joint statement following the meeting in order to give other E.U. states not present at the meeting also a say, a German government official told Dow Jones Newswires Sunday.

The official, who declined to be named said that the ministers, however, agreed "that no financial market, no financial product, no financial player must remain without regulation or supervision. In addition, the call for a direct regulation of hedge funds has not been called into question by any participant."

German government officials said Friday that Sunday's mini-summit of European G20 industrial and developing nations leaders and finance ministers in Berlin to formulate the European position on stimulus, regulation and protectionism ahead of April G20 summit in London, would end with two statements -the "chair's summary" issued by Germany and a finance ministers' statement.

In his prepared address to the finance ministers meeting Sunday that was seen by Dow Jones Newswires, German Finance Minister Peer Steinbrueck said no financial market, player or product must remain without regulation or supervision and that hedge funds must be regulated.

Steinbrueck also called for an "immediate increase" in the International Monetary Fund's recourses that would reflect a fair burden sharing.

-By Andrea Thomas, Dow Jones Newswires; +49-30-288-8410; [email protected]

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(END) Dow Jones Newswires

February 22, 2009 07:58 ET (12:58 GMT)

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