Europe unveils its vision for global financial reform

EU leaders have agreed on a set of principles that should guide future talks on the reform of the global financial architecture, urging for more regulation and transparency in the sector that has delivered the world's biggest economic crisis since the Great Depression of the 1930s.

"No financial institution, no market segmentation and no jurisdiction must escape proportionate and adequate regulation or at least oversight," states the document adopted at an extraordinary summit on Friday...