Germany will host a high level international meeting for financial regulation before next G20 summit, the German financial minister said on Saturday.

"It is important not to weaken our international efforts to secure better financial regulation," German Financial Minister Wolfgang Schaeuble told local newspaper Welt am Sonntag in a interview to be published on Sunday.

"To strengthen this process, Germany is going to held a high- level international financial meeting of the Group of 20 leading and emerging economic powers," he said.

Schaeuble didn't release the details of this meeting.

The meeting will be held in late May in Berlin, joined by finance ministers and central bank officials from the Group of 20, discussing the different aspects of the financial crisis, according to the local media reports.

Schaeuble also praised US President Barack Obama's recent proposals for an overhaul of the financial sector as a "welcome development" for a common international solution.

The German government indicated it will make its own plan for overhauling international financial-sector regulation by the next G20 summit on Friday, a day after President Obama announced its plans.

German plan will consider "national characteristics" and make sure financial institutions bear part of the costs of the financial crisis, Finance Ministry spokesman Michael Offer said.

(Xinhua News Agency January 25, 2010)