World Bulletin / News Desk
German Chancellor Angela Merkel urged the world's top economies to push ahead with further financial regulation, saying that not enough had been achieved so far.
The global financial crisis has prompted an overhaul of regulation in almost every part of the financial system from over-the-counter derivatives to bank capital requirements.
But Merkel said in her weekly podcast that more was needed.
"In my view, we are not where we ought to be yet," she said.
"We had planned to regulate every financial centre, every financial actor and every financial market product. Significant progress has been made but the rules have not yet been implemented everywhere and we are still missing further areas."
The chancellor pointed to "shadow banks", or non-bank financial institutions that are less regulated than banks, as an area where progress needed to be made.
"For instance the regulation of shadow banks will hopefully be concluded at the next G20 meeting," Merkel said.
Leaders of the world's top economies (G20) made recommendations for regulation a year ago that also include hedge funds, special investment vehicles and repurchase agreements.
Regulators worry that as traditional banks get more heavily regulated, risky credit activities will shift to shadow banks.
Merkel meets with the heads of the International Monetary Fund, World Bank, International Labour Organisation, the World Trade Organisation and the Organisation for Economic Cooperation and Development in Berlin on Tuesday.
One of the topics of discussion will be the euro zone debt crisis. Merkel said tough steps were starting to show results.
"The structural reforms - despite being painful - are beginning to show effects in the individual countries, such as in Ireland and Portugal but also in Greece and Spain."
Finance Minister Wolfgang Schaeuble said on Friday that, while he wanted Greece to stay in the euro zone, that was not yet a done deal.
"We want Greece to stay in the euro zone but Greece has a lot to do. That's not yet decided," Schaeuble told ZDF television.
Greece is due to receive almost 31 billion euros in the next tranche of emergency loans from the euro zone bailout fund, if international inspectors agree that it has implemented reforms set as a condition for aid.
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.
European Statistical Agency says slight decline fuelled by drop in production of durable consumer goods.
EU will use all its foreign policy instruments to establish strategic energy partnerships with producing and transit countries.
Dollar strength and waning investor confidence are driving the lira lower
Greece has already received two bailouts totalling 240 billion euros but fellow euro zone member Ireland said last week that it would have to negotiate a third programme.
The Ukraine crisis has tested the loyalties of Bulgaria, a Balkan country with historical ties to Moscow and heavily dependent on Russian energy supplies.
Syria expels three United Nations aid workers hindering aid development in the country
Russia has overcome a "psychological barrier" and is ready to deepen its economic ties with China, Deputy Prime MinisterArkady Dvorkovich said
With Chancellor Angela Merkel's right-left coalition plus the opposition Greens, it was the biggest majority for any euro zone rescue package so far in the 631-seat chamber.