France seeks support on new regulations

WASHINGTON, March 22 (UPI) -- French Prime Minister Francois Fillon says he is seeking to convince Washington to back Paris' proposals for new international financial regulations.

Fillon, who left France Friday for talks with Obama administration, told The Washington Post he will tout French President Nicolas Sarkozy's ideas on establishing tough new international standards to put hedge funds and other unregulated activities under some kind of supervision.

The idea of putting new powers into the hands of international bureaucrats, however, has been received with skepticism in Washington as preparations for the April 2 Group of 20 economic summit in London intensify, the newspaper said.

"We have to issue a number of firm decisions," Fillon told the Post. "If the image of this round of the G20 is an image of impotence, that would be dramatic."

Saying the French goal at the summit "is to go up a notch in regulation," Fillon said new international rules are needed for institutions that take advantage of banking secrecy laws in some countries.

"There should not be any territory, any financial activity, that escapes coming under a regulatory authority," he said.