BERLIN, July 17 (Reuters) - Germany will not allow financiers in Wall Street or London to dictate how money should be made and then leave others to pay for their mistakes, Chancellor Angela Merkel said on Friday.
Germany would use the Group of 20 forum of global leaders to push for tougher financial market regulation, Merkel told a party convention of the Christian Social Union (CSU), the Bavarian sister party of her Christian Democrats (CDU).
“With us, dear friends, Wall Street or the City of London won’t dictate again how money should be made only to let others pick up the bill,” she said in an impassioned speech to the convention in Nuremberg.
Merkel was seeking to patch up relations with the CSU after a testy week during with she has fought with the Bavarian party’s leader on Europe and tax cuts. She needs the CSU for power as the two parties form a parliamentary bloc.
Her comments follow criticism of Britain by Germany’s finance minister, Peer Steinbrueck.
Earlier this month, Steinbrueck accused Britain of hindering efforts to reform global financial markets because it is too eager to pander to the City of London. Last year, he took aim at Britain’s economic policy, antagonising London.
World leaders agreed at a summit in London in April, hosted by British Prime Minister Gordon Brown, to tighten rules on financial supervision. (Writing by Paul Carrel; Editing by Ron Askew)
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