A group of more than a dozen former politicians has slammed financial markets regulation and called on European Union leaders to set up a high-level committee to analyse the financial crisis and organise a conference aimed at "rethinking the rules on international finance".

The group, which includes ex-European Commission president Jacques Delors, former French Prime Minister Lionel Jospin and ex-German finance minister Hans Eichel, have written to the president of Slovenia, which currently holds the EU presidency, urging a firm response to the crisis at European level.