Quote:
France will walk away from this week's G20 summit if its demands for stricter financial regulation are not met, the finance minister has told the BBC.
Christine Lagarde told Hardtalk that President Nicolas Sarkozy would not sign any agreement if he felt "the deliverables are not there".
Strengthening financial regulation will be one of the key issues at the G20.
France wants a stronger global financial regulator than the US and the UK would like....
...President Sarkozy has previously spoken out against "Anglo-Saxon" economies, as has the prime minister of Luxembourg, Jean-Claude Juncker.
"This crisis started in the United States. The Anglo-Saxon world has always refused to add the dose of regulation which financial markets, the international financial system needed," Mr Juncker said last week.
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http://news.bbc.co.uk/2/hi/business/7974190.stm
Can someone explain to me what exactly is wrong with this threat? Wasn't lack of regulation one of the contributing factors that got us into this mess? Shouldn't strict regulations be a top priority?
What's the issue from the US/UK POV? More regulation inhibits money flow?