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Thursday, August 27, 2009 PARIS: French President Nicolas Sarkozy said Wednesday that international financial system reform, new international order, climate change and energy would be high on agenda for the country's foreign policy. Speaking at an annual conference of French ambassadors and envoys, Sarkozy warned of flaws in the current world financial system and called for financial reforms. Sarkozy said his country had pushed leading banks to implement new rules restricting bonuses for their executives. He also promised to severely punish any breaches, calling on other countries to follow suit. The French president added he was planning to address this topic at next month's Group of 20 (G20) financial summit in the U.S. city of Pittsburgh. In his speech, Sarkozy said the Group of Eight (G8) should be extended to include emerging countries such as China, Brazil, India, South Africa, Mexico and Egypt, making it the Group of 14 (G14). "The Canadian presidency (of G8) in 20...

Thursday, August 27, 2009 PARIS: France will push for the G-8 group of industrial powers to admit the major emerging economies and thus become a G-14 when Paris presides over the group in 2011, President Nicolas Sarkozy said on Wednesday. The G-8 already includes the biggest emerging economies in some of its deliberations, but retains its own identity as the most influential world economic policy forum, despite mounting calls to broaden its base. 'I note with pleasure that the transformation of the G-8 into the G-14 has taken a decisive step forward,' Sarkozy told a meeting of French ambassadors in Paris, noting that France has supported Brazil's call for an end to the G-8. 'The Canadian presidency in 2010 will conduct the bulk of its summit as the G-14 and we intend to totally finish the transformation into the G-14 under the French presidency in 2011,' he promised. Already at this year's G-8 summit in L'Aquila, Italy, the G-8 - Britain, Canada, France, Ger...