IMF chief presses for new financial rules

BRUSSELS: International Monetary Fund head Dominique Strauss-Kahn voiced concern Wednesday at the lack of will among major nations to work together to build a coordinated system of financial regulation.

"Now I think it's our opportunity and duty to shape our institutions to make them stronger to (resist) crises," such as the one that plunged the world into its worst post-war recession, he said at the European parliament in Brussels.

"For me the main question is are we making the most in this historical opportunity and I'm a bit worried because economic growth is resuming, it's good news, but at the same time, (the will) that every country wants to work together, is somewhat receding," he complained.

"Each government goes back home, has its own political agenda and the willingness to act together may be, in six months from now, not as strong as some months ago," the French IMF managing director told the parliament.

European Union nations are finding it very difficult to agree on regulating speculative hedge funds, blamed in part for the financial crisis.

EU finance ministers on Tuesday put off a decision on the issue, amid strong opposition from Britain which is worried about the possible effects on the City of London.