Sarkozy urges G20 to hasten monetary reform

French President Nicolas Sarkozy has warned of another global economic crisis if urgent reforms to the international monetary system are not agreed soon, but there appeared to be no consensus on what those reforms should be as finance ministers from the G20 group of nations met in China on Thursday.

“As the crisis recedes the temptation to do nothing is very strong and the importance of co-ordination seems less obvious,” Mr Sarkozy said at the opening of the G20 “high-level seminar on the international monetary system” in the Chinese city of Nanjing.