The FT has reported that:
President Nicolas Sarkozy and Chancellor Angela Merkel on Thursday warned the US and the banking industry not to thwart European efforts to tighten financial regulations this year.
In a blunt message to Barack Obama, the incoming US president, the French and German leaders made clear that the European Union was determined to set the agenda for the G20 summit in London on April 2.
The summit of leading and emerging economies will discuss ways of strengthening the architecture of global financial regulation.
I am sure they are right to be robust. We can anticipate a strong fight back from the finance industry against any more regulation. Abusers do not like having their access to victims disrupted - especially whent their perception of their well-being depends on it.
These arguments will run for a long time yet.