Without regulation and control of the funds forwarded by those centers, the banking and financial systems of other countries continue to be at risk. Unregulated sudden transfer of capital can thus provoke monetary crises. Our task is therefore to have those states respect the rules of the game, making them understand that noncompliance could lead in the near future to harsh sanctions. France and Japan wish to see such a procedure implemented. We are working hard now to convince reluctant partners.
Some financial agents are also presently out of control.
For example, hedge funds and other highly speculative funds have almost no regulatory obligations, not even an obligation of transparency. They must of course be controlled indirectly through their banking relationships, but that is not sufficient. We must set up rules to control them directly. The EU and Japan both advocate for a managed liberalization of trade. The WTO is the place where world trade rules can be strengthened.