Paris  - French President Nicolas Sarkozy demanded late Thursday that the European Union adopt a common position to reform the capitalist system.

During a 90-minute appearance on national television to discuss the economic crisis, Sarkozy also criticized the European Union for passivity in the face of the crisis.

"It is not possible that, in such a situation, Europe does not take the initiative," Sarkozy said, indirectly criticizing the Czech presidency and the European Commission.

He went on to say that he wanted Europe to have a common position at the April 2 meeting of the G20 nations in London on the future regulatory measures to be imposed on Western financial institutions.

Sarkozy said that all financial institutions must be regulated in the future, particularly hedge funds, tax havens and rating agencies.

"France wants this to be a common European position," Sarkozy said. (dpa)