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Merkel press for progress in regulation at G-20

Saturday, 31 Aug 2013 | 9:39 AM ET
German Chancellor Angela Merkel
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German Chancellor Angela Merkel

German Chancellor Angela Merkel says she'll press for progress on financial regulation at next week's summit of global economic powers, which comes ahead of Sept. 22 elections in which she's seeking a third term.

Merkel said in her weekly video message Saturday: "Germany will, along with other countries, exert pressure so that we do not let up in the regulation of financial markets."

She says there's been progress in regulating banks but efforts to regulate so-called shadow banks such as hedge funds are stalled. Merkel wants the Group of 20, whose leaders meet in Russia next week, to produce "a binding timetable" on that and says she also expects progress on combating tax evasion.

(Read more: Putin, Obama to meet at G-20 despite Snowden flap)

Obama cancels Putin but keeps G-20 meeting
Next month's meeting between President Barack Obama and President Vladimir Putin has been called off. According to the White House, Russia's decision to give Edward Snowden asylum was a factor in the cancellation. CNBC's Eamon Javers reports.

Germany's center-left opposition argues too little has been done to tame perceived financial market excesses

By The Associated Press

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