And they're right to do so. The US ought to be leading instead of following but Geithner has done little to show he's going to lead.
Hedge funds, credit rating agencies and all other important market players should be subject to regulation based on a global approach, European Central Bank President Jean-Claude Trichet said on Monday.
The worst financial crisis in over 80 years has sparked a rethink of how markets should be supervised to cut excessive risk-taking by banks.
"The current crisis is a loud and clear call for extending regulation and oversight to all systemically important institutions -- notably hedge funds and credit rating agencies -- as well as all systemically important markets -- in particular the OTC derivatives market," Trichet said.
"What is currently under discussion is the precise way in which these elements should be integrated within an overall regulatory framework," he told a conference on supervision. "We are in the process of identifying the regulatory gaps."
