Article - WSJ.comLONDON (Dow Jones)--French President Nicolas Sarkozy Thursday said the results of the Group of 20 leading industrial and developing nations' summit, which pledged to toughen up financial regulation and overhaul market supervision, were "beyond his expectations."
G20 countries Thursday agreed to reform the organization of the international financial system in depth, by regulating hedge funds and registering credit agencies, overhauling accounting rules and setting guidelines to cap bankers' pay.
The G20 nations also agreed to a crackdown on tax havens, asking the Organization for Economic Cooperation and Development to publish a list of tax havens. This was a long-standing demand of the French side.
"We would never have hoped to get so much. This is not the victory of one camp against the other, but shows the growing awareness that the world needs to change", Sarkozy said.
Off we march toward a Brave New World. There will be nowhere to run and nowhere to hide.