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European leaders have agreed in Berlin on the need to regulate all financial markets including hedge funds, according to Reuters.
"All financial markets, products and participants must be subject to appropriate oversight," said a statement obtained by the news agency.
This is especially true of private pools of capital, such as hedge funds that "may present a systemic risk".
The news comes as leaders from Europe's biggest economies meet in Berlin.
Germany's finance ministry is pushing for stricter rules for hedge funds and better rating systems to avoid future meltdowns.
However some members - such as Britain - are less keen on a radical tightening of regulations, correspondents say.
Mr Sarkozy stressed he would not accept "a weak compromise, a cheap fix" in establishing the European position.
"Capitalism must be given new moral foundations," he said.