European leaders in Berlin have agreed on the need to regulate all financial markets including hedge funds.
Leaders of Europe's major economies said a global solution was needed to the current financial crisis.
German Chancellor Angela Merkel highlighted that leaders faced an "extraordinary international crisis".
But leaders including UK Prime Minister Gordon Brown warned against reverting to protectionism in such a difficult economic climate.
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The Berlin gathering is a precursor to the next meeting of the G20 group of major developed and developing countries in London on 2 April, which aims to rewrite the rules of the global financial system.
French President Nicolas Sarkozy said participants at the London summit would bear a "historical responsibility" to reform the global system.
