Sovereign wealth funds urge global financial reform

Sovereign wealth funds meeting in Australia issued a call on Saturday for governments worldwide to take coordinated and urgent action to introduce finance-sector reforms and shore up confidence in global investment markets.

"The forum felt that the current conditions in the financial markets and the uncertainties relating to sovereign credit risk assessment, especially in the euro zone, were presenting a less certain investment environment," the funds said in a joint statement issued after several days of talks in Sydney.