World leaders agree on more financial regulation (3rd Roundup)

World leaders agree on more financial regulation (3rd Roundup): "'We are entering a new world,' said French President Nicolas Sarkozy, who is credited with initiating the summit. France also holds the European Union's sixth-month rotating presidency.

Sarkozy told reporters following the summit that many of the concessions made by the US would have been unthinkable just a short time ago.

Moreover, the summit also represents a big win for emerging nations who have been pressing for a bigger role in the world's key economic forums.

This was especially important, since as the advanced economies sink into recession next year, powerhouse emerging economies in Asia, the Middle East and Latin America are likely to be the key pillars of economic growth."

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