- No financial institution, no market segment and no jurisdiction must escape regulation or supervision.

- The new international financial system must be based on principles of accountability and transparency.

- The new international financial system must allow risks to be assessed so as to prevent crises and give the IMF a central role in a more efficient financial architecture.

Over the next 100 days all global actors should draw up measures to implement these principles. These could be agreed at a new global summit at the end of this period.

Five approaches that the EU wants the world to adopt:

- Submit rating agencies to registration, surveillance and rules of governance.

- Move to convergence of accounting standards and review fair value rule.

- Decide no market segment, territory and financial institution should escape regulation or surveillance.

- Establish codes of conduct to avoid excessive risk-taking in the financial sector, including in the area of remuneration.

- Give the IMF the initial responsibility, together with the Financial Stability Forum, of recommending measures needed to restore confidence and stability. The IMF must be given the necessary resources and appropriate instruments to support countries in difficulty.

Source: terms of reference agreed by EU leaders to respond to the financial crisis