Berlin  - German Chancellor Angela Merkel called Saturday for unified international rules for the financial markets, on the eve of a meeting with the heads of Europe's leading economies.

There could no longer be "blank spots" where regulations don't apply in the wake of the financial meltdown, Merkel said in her weekly video podcast.

The German Finance Ministry also presented Saturday a summary paper, reflecting the main changes to the global financial system that Germany would like to see the Group of 20 (G20) major economic powers make at its summit on April 2 in London.

Germany is set to welcome Sunday leaders of France, Spain, Britain, Italy and the Netherlands for a one-off pre-summit meeting, before the London date.

The chancellor, criticized last year for being slow to match British and French national rescue plans, said new unified rules must apply to all financial market products, financial instruments and market participants.

A summary document issued by German Finance Minister, Peer Steinbrueck, reflects the level of agreement to date between European finance ministers.

In highlighting Germany's priorities for the G20 summit, Steinbrueck's notes back up Merkel's message that no financial market, product or stakeholder should remain unregulated.

The document stresses transparency and accountability measures aimed at reining in some of the worst excesses of the financial system before the current bust.

Steinbrueck's paper calls for, among other measures, an obligation for the originator of any security to retain at least five per cent of risk - in response to the complex and unaccountable reselling of mortgages and other debt which caused the financial system to implode in 2008.

The document also calls for registration of hedge funds to be "imposed" and for the external regulation of hedge funds.

Steinbrueck also called for curbs on executive pay, to avoid "excessive risk taking and focus on the short term."

The finance minister's document also targets offshore centres, calling for concrete measures against "uncooperative or non-transparent jurisdictions."

Merkel said Germany was "very well prepared" for Sunday's meeting. A group of experts chaired by a former chief economist of Germany's central bank, Otmar Issing, had made several suggestions, she added.

These include a map listing the risks faced by financial institutions operating worldwide, reflected in Steinbrueck's preparatory document, in which he calls for the establishment of "effective early warning mechanisms".

Merkel said the G20 was working with "high pressure" on the implementation of a plan of action agreed at the group's last meeting in November.

At the London meeting, Merkel expected the group to take "a significant step forward in implementing these measures."

The London summit will be US President Barack Obama's first visit to Europe since taking office.

"On Sunday we will take preparatory measures to appear united and ambitious in London," Merkel said. (dpa)