Visiting French Prime Minister Francois Fillon said on Tuesday that Europe and the United States agree on new international financial regulations.

"We reached an agreement which is very specific on regulating hedge funds," Fillon said at a news conference. "It's not about regulating activities for what they are but for what they do."

Fillon also hailed US President Barack Obama's essay that the White House said was printed in 31 publications worldwide.

"Only coordinated international action can prevent the irresponsible risk-taking that caused this crisis, that is why I am committed to seizing this opportunity to advance comprehensive reforms of our regulatory and supervisory framework," Obama said in the essay.

Fillon noted it is the duty of the G20 group to achieve concrete results in resolving the global economic crisis, adding the best way to do this is agreeing to stricter oversight of international financial institutions.

(Xinhua News Agency March 25, 2009)