France has threatened to walk away from the G20 summit if its demands for tighter financial regulation are not met, reports suggest.
French finance minister Christine Lagarde says Nicolas Sarkozy will not sign any agreement if he believes "the deliverables are not there," in a blow to Brown and Obama's agenda to strengthen financial regulation and stimulate international recovery.
Brown says: "Leaders meeting in London must supply the oxygen of confidence to today's global economy and give people in all of our countries renewed hope for the future."
Cracks are starting to emerge ahead of Thursdays' summit as other European countries resist calls to commit to increasing spending this and next year.
Sarkozy has previously attacked "Anglo-Saxon" economies as well as prime minister Jean-Claude Juncker of Luxembourg.
Juncker says: "This crisis started in the United States. The Anglo-Saxon world has always refused to add the dose of regulation which financial markets and the international financial system needed."
Conversely, German chancellor Angela Merkel believes there is a high chance of agreements on areas such as the regulation of hedge funds, being reached.
Lagarde stresses the G20 leaders agree on a range of important issues.
"I am absolutely determined, and President Sarkozy has said it loud and clear, that we actually eradicate non-cooperative centres and tax havens," she says.
"I know that Chancellor Merkel is very much on that line, I know that Gordon Brown has said that old tax havens have nothing to do with this new world. Well, we need to deliver on that and we need to be extremely united and strong," says Lagarde.IFAonline
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