Germany's finance minister says his country will play host to an international conference on market regulation ahead of the next G-20 summit of leading and emerging economic powers.

Wolfgang Schaeuble told the weekly newspaper Welt am Sonntag that market regulation had to be a global effort.

"It is important not to weaken our international efforts to secure better regulation," he said.

According to magazine Der Spiegel, the conference would take place in late May in Berlin and would include finance ministers and central bank officials from G-20 nations.

The G-20 summit is to be held in Canada in June.

Praise for Obama plan

Schaeuble also lauded recent actions by US President Barack Obama to establish legal limits to the size and risk-taking of large banks.

"Something moving in the United States on this issue is a welcome development," he said. "It makes the chances of finding a common solution all the greater."

The international Financial Stability Board (FSB), established last year by G-20 nations to better coordinate regulatory reform efforts, has said it is considering recommending action similar to that of the Obama administration.

The FSB said it would publish its full recommendations next October, along with an interim report after the June G-20 conference in Canada.

acb/dpa/AFP/Reuters
Editor: Kyle James