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Summary
British PM Gordon Brown and French President Nicolas Sarkozy have issued a joint call for urgent global reform of financial markets. In a joint article in the Wall Street Journal, they say a one-off tax on bank bonuses should be considered a priority. The article comes as EU leaders prepare to meet for a summit in Brussels. People rightly want a post-crisis banking system which puts their needs first the two leaders agreed. Mr Sarkozy and Mr Brown say the financial crisis has made them recognise that we are now in an economy which is no longer national but global, so financial standards must also be global. We must ensure that through proper regulation, the financial sector operates on a level playing field globally. They say there is an urgent need for a new compact between global banks and the society they serve.
