Nicolas Sarkozy is calling on major European leaders to back proposed changes to
accounting rules.
The French president has held a "crisis meeting" with banks and insurers to discuss the current market turmoil.
According to the Financial Times, he is now urging his EU counterparts for changes to existing regulations, which would lead to a tightening of the
financial market.
Leaders from Germany, Britain and Italy are set to meet with Mr Sarkozy later this week, in a hastily arranged debate featuring the president of the European Commission and the European Central Bank.
A spokesman for the commission told the newspaper: "The turmoil that we are facing originated in the US. It has become a global problem. The US has a special responsibility in this situation."
Ian Powell, chairman of PricewaterhouseCoopers, recently said the UK needs to improve its existing financial regulations, rather than adding new legislation which adds cost and complexities with "no real benefit".
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