German Chancellor Angela Merkel said that the "Anglo-Saxon" model of financial regulation has failed, offering an opportunity for the Continent to establish new rules for the markets. She said the current model undervalues the increasing importance of the euro zone. Specifically, Merkel called for European credit ratings. "I think that in the medium term Europe will need a working ratings agency because the robust currency system of the euro has not yet secured sufficient influence over the rules governing financial markets," she said.

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