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Merkel presses for progress on regulation at G-20

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August 31, 2013 04:48 AM EST | AP

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BERLIN — German Chancellor Angela Merkel says she'll press for progress on financial regulation at next week's summit of global economic powers, which comes ahead of Sept. 22 elections in which she's seeking a third term.

Merkel said in her weekly video message Saturday: "Germany will, along with other countries, exert pressure so that we do not let up in the regulation of financial markets."

She says there's been progress in regulating banks but efforts to regulate so-called shadow banks such as hedge funds are stalled. Merkel wants the Group of 20, whose leaders meet in Russia next week, to produce "a binding timetable" on that and says she also expects progress on combating tax evasion.

Germany's center-left opposition argues too little has been done to tame perceived financial market excesses.