Mr Pierre Buhler told a media lunch interview, 'We shouldn't wait for things to settle down before we revisit the issue. Everybody can agree on the gravity of the crisis and the urgency for measures.

'Basically the roots of the problem are still here and the issue deserves to be pressed at this stage rather than some time next year when other priorities may pop up.'

Mr Buhler said that France, the current rotating president of the 27-member European Union, has submitted a detailed reform plan. It was adopted on Tuesday in Brussels by the EU ahead of a meeting of its heads of state in Paris today.

The meeting will lay out the EU's negotiating stance for the summit of the G20 economies - including the United States, Britain, China and India - in Washington on Saturday next week.

The EU proposals, which centre on calls for closer global regulation of markets and financial institutions, as well as a bigger role for the International Monetary Fund, have been criticised in some quarters for being too much too soon.

However Mr Buhler stressed that reform needs to take place sooner rather than later, especially as discussions are likely to carry on 'well into 2009'.

One issue that may slow progress is the transition to a new US administration.

Mr Buhler said he hopes president-elect Barack Obama will be able to attend next week's meetings.

The proposals, which he calls 'common sense ideas', detail 10 reform ideas.

These include increasing transparency in financial markets to ensure no institutions fall outside the scope of regulation and submitting the activities of ratings agencies to closer scrutiny.

Risk management is also at the core of the proposals. The French suggest drawing up codes of conduct to address excessive risk-taking in the financial industry.

These would essentially ensure that pay is commensurate with the risks taken, as well as bringing sustainable risk management mechanisms under the direct responsibility of senior management.

However, the proposals are likely to be met with some opposition from US policymakers who fear the creation of an overarching international market regulator. Emerging economies will also want to make their voices heard on other issues.

Despite this, Mr Buhler said that the proposals should be used to form the basis of a consensus even if everything is not adopted.

'We need to fix a broken financial system in a sound way for decades to come and we need to do it fast' he said. 'This is not a revolution but a deep reform.

'I cannot see why it would not be legitimate for governments to enforce or to create for themselves oversight tools to keep track of what's going on. This crisis is huge proof that markets are not sustainable on their own logic,' he said.

Next week's summit will likely lay out principles for reform for subsequent meetings.