G20 need to redouble efforts to boost financial market regulation – German government

Foreign Ministers pose for a family photo during the G-20 Foreign Ministers meeting in Bonn

HAMBURG (Reuters) – The governments of the G20 leading economies must increase their efforts to strengthen financial market regulation, a German government spokesman said on Monday.

“We’re not yet there where we want to be,” Steffen Seibert said on financial market regulation, adding that without the G20 group, progress on the issue would not be as far as it is.

Germany holds the presidency of the G20 leading economies this year, a platform Chancellor Angela Merkel wants to use to safeguard multilateral cooperation after U.S. President Donald Trump questioned international alliances and obligations and insisted on putting “America first” in his policies.

Trump has ordered reviews of major banking rules that were put in place after the financial crisis. German Finance Minister Wolfgang Schaeuble said earlier this month he would try to dissuade his U.S. counterpart Steven Mnuchin from deregulating the financial markets.

(Reporting by Gernot Heller; Writing by Michael Nienaber; Editing by Erik Kirschbaum)