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World leaders will impose new financial rules Thursday and announced more funding for the IMF to ease the worst economic crisis since the crisis of the 1930s.




But Britain, host of the meeting of leaders of member countries of the G20, given that there are still gaps to be closed. France and Germany are demanding concrete action on tax havens, hedge funds and markets more than promises of action.


"I hope that (the differences) are worked and then could be easily resolved. They have persisted during the night but I think we have a result that corresponds with the level of expectations and ambitions of the people," said the British minister Peter Mandelson to BBC Television .

The draft communique for the summit in London, who had access to Reuters, said that leaders require the supervision of hedge funds for the first time and strengthen regulation through a new body, in addition to increasing the Fund's role International Monetary Fund.


However, there were still disagreements over the IMF's enhanced funding to address the crisis in emerging economies, on how to control and tax on the amount of money to boost trade.

The G-20 leaders were preparing a major expansion in resources through the IMF, including the ability to triple the amount for contingencies of $ 750,000 million (approximately 565,000 million), said sources familiar with the negotiations.


The draft contains the promise of providing "the kind of sustained effort needed to restore growth without making any commitment beyond the billions being spent to stabilize the banks, bolstering demand and limit the loss of jobs.

With the intention to reinforce a message of confidence to voters and financial markets at a time when the world falls into recession, the U.S. president, Barack Obama, said there was no substantive differences with Europe, despite the entrenched positions of the leaders of Germany and France.


Washington wants tighter regulation, as Obama said in a press conference on Wednesday with British Prime Minister Gordon Brown, to ensure that not only was going to give lessons, but also listen and help out the problems.

It was not clear if the point of friction, which appears to be mainly demand Sarkozy put on the blacklist of tax havens, would be enough to derail the message of unity.


"The most important is that we agree on the principle that any financial product, any participant in the financial market and financial market can not be unregulated and unsupervised," said German Finance Minister Peer Steinbrück, the station Deutschlandfunk from London.

HOPES IN BAG SUMMIT DRIVE


The markets, which have grappled with the crisis for months, have recovered part of the road lost in the last month and climbed on Thursday pending an agreement signed between the leaders of the G20.

The index of leading European shares rose more than 3 percent, while the benchmark Nikkei in Tokyo closed with a rise of 4.4 percent.


Those gains will evaporate if the summit does not yield results.

It is expected that the global economy to contract further in 2009 than in any year after the Second World War, back between 0.5 and 1 percent, according to the IMF, whose managing director, Dominique Strauss-Kahn, call the current situation the "Great Recession."


"They are not moving fast enough to clean up the financial system," said the Financial Times on its front page on Thursday, citing a quote from Strauss-Kahn.

The draft of the communique contained the promise of the G-20 to allow a follow-independent, free and fair "in their economies and financial sectors by the IMF.

It also unveiled a new Financial Stability Committee to work with the IMF to identify economic and financial risks and the measures needed to deal with them, relaunching an existing forum.

But Paris and Berlin, who fear that the summit is short of the mark in the regulation of tax havens, hedge funds and the markets in general, called for specific ads.

"If the regulations do not agree here, do not agree in the next five years," Merkel said at joint press conference with his French colleague on Wednesday.

The police said one person died during the protests on Wednesday in which several hundred protesters clashed with anti-riot police and smashed windows of banks in the financial center of London.

A police source said it was possible that the man had died from a medical problem. More protests were expected on Thursday.