May 21, 2010 1:47 PM

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Finance Secretary and other finance experts of G-20 countries attend a conference in Germany

Finance Secretary Ashok Chawla and Joint Secretary Alok Sheel represented India at a conference of senior finance ministry, central bank officials and finance market experts from the G-20 countries in Berlin in Germany. The meet was held on Thursday in preparation of the summit of the heads of state and governments in Toronto next month.Tightening international financial market regulations, including curb on payment of bonuses and executive salaries, and introduction of a global financial tax to involve financial institutions to pay for the costs of future financial crisis were high on the agenda of the one-day meeting, which was convened by the German Finance Ministry.Other things that were discussed in the meeting encompassed, ways to introduce more stringent controls over hedge funds, venture capitals and private equity funds, closer scrutiny on the activities of rating agencies, implementation of structural reforms in the member-nations and consolidation of national budgets.In her keynote address German Chancellor Angela Merkel commended the contributions of the G-20 nations in tackling the global financial crisis through their collective and decisive actions.

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