Italy and Australia have issued a joint appeal to the Group of Eight meeting of the world's industrialised countries to make it a priority to adopt transparent rules to fight financial speculation and market manipulation.
Australian Prime Minister Kevin Rudd & Italian Premier Silvio Berlusconi said on Tuesday that market volatility, particularly in commodities prices, had hurt people around the world and remains a threat to global economic growth.
Transparent regulations and efforts to reduce the excessive use of debt by governments are an "absolute necessity" to fight speculation and market manipulation, they said in the letter.
It was addressed to US President Barack Obama, who is hosting the G20 summit later this week in Pittsburgh, Pennsylvania.
"A more transparent and efficient regulatory system must be part of our joint efforts to confront the fundamental questions of energy and food security," they wrote in the letter, an Italian copy of which was released by Berlusconi's office.
"As a result, we firmly believe that the leaders must discuss these issues and we hope for vigorous and rapid action," they wrote.