German Chancellor Angela Merkel has called for tighter regulatory control on the international financial system following the recent turmoil on Wall Street.
Speaking in a Bundestag debate on the 2009 federal budget, she said it was time for politicians to act. She said that the much-criticised rating agencies that assess companies' financial health should be subject to a code of conduct. Merkel also moved to calm the public, saying that the effect on the German economy from the current crisis had been "moderate" so far.
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