(Vatican City) – German Chancellor Angela Merkel met Pope Francis and called for stronger regulation of financial markets. Meeting was held at Pope’s library for 45 minutes. Francis in a speech earlier appealed for world financial reform, saying the global economic crisis had made life worse for millions in rich and poor countries.
Merkel told reporters afterwards that the scandals and excesses criticized by Francis earlier in the week showed that vital checks and balances had not been functioning properly. Crises have blown up because the rules of the social market have not been observed,” she said, adding that tightening financial market regulation would be a main objective of the meeting of leaders of Group of 20 economic powers in September.
