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German Chancellor Angela Merkel today advocated the need for a global levy on banks, a new European rating agency and a coordinated exit from stimulus measures, as Berlin took new measures to introduce reforms in the financial structure.
The German Chancellor stressed that international efforts to get the financial system back on track should be stepped up. "The issue of exit strategies is of great importance to us... I am quite concerned about this issue," Merkel told a financial conference.
"Others say I can only have an exit strategy as soon as I have reduced the unemployment rate, which is contradictory... We will focus on a co-ordinated exit strategy in Europe," added the German leader.
Merkel noted that she would push its partners to introduce taxes on banks. "Accountability is what is required in every state and I don't think it will ruin financial markets if we could agree on an international taxation. We will push for a tax on the financial markets... at the summit in Canada. It is not something that will be agreed at our first dinner at this summit. There will be many caveats," noted Merkel.
The German leader called for the formation of a European rating agency as an alternative to the big private agencies, which some have accused of creating unnecessary panic.
"The relationship between policymaking and rating agencies is a very tricky one and an interesting subject that needs to be addressed. I would be in favor of introducing a European rating agency which would act as a competitor to other rating agencies within a level playing field," she said.
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