BERLIN -- German Chancellor Angela Merkel and French President Nicolas Sarkozy urged the Group of 20 to do more to tighten financial-market regulation, while playing down their differences over how fast to reduce government debt. Merkel and Sarkozy, speaking after talks in Berlin Monday, said they are sending a joint letter to the current head of the G-20, Canadian Prime Minister Stephen Harper, to press for a global banking levy and a financial transaction tax at the summit of industrial and emerging nations in Toronto June 26-27. 'We're not yet satisfied with what's been achieved since the first G-20 and we think that we have to forge ahead on regulation,' Merkel said. It's the second letter in five days from Sarkozy and Merkel, after they urged the European Union to speed up curbs on speculation, saying some bets against stocks and government bonds should be banned. The leaders of Europe's two biggest economies made a show of unity after a planned meeting on June 7 was canceled at the last minute, prompting reports of a Franco-German dispute over budget savings of more than $98 billion announced by Merkel the same day. Sarkozy, responding to a question about his differences with the chancellor, said that while he and Merkel have 'boisterous' talks at time, it's because they both want a thorough debate of all policy options. 'We are quite frank people who have ambitions,' he said. 'We do not shun problems.' Euro-area countries are cutting budgets to avoid a spread of the sovereign debt crisis emanating from Greece. A nearly $919 billion EU rescue fund has so far failed to stem the slide, with the euro falling to a four-year low against the U.S. dollar and more than $4 trillion wiped from global stock markets this year. Germany 'reacted very quickly' in drafting cuts, and all other euro countries need to follow suit, Norbert Barthle, the budget spokesman in parliament for Merkel's Christian Democrats, said Monday, urging France to announce more detailed budget-cutting steps. 'Greece has understood and Spain has understood, too,' Barthle said. 'We need progress from those that aren't on the way yet,' including France. Sarkozy has said he will cut France's deficit to 3 percent of economic output in 2013 from 8 percent now. That will mean about $55 billion of reductions in public spending, Prime Minister Francois Fillon said two days ago. Sarkozy said Monday that his government will announce details on revamping the state pension system on June 16, the day before EU leaders meet for a summit in Brussels. Fillon favors increasing the country's retirement age to 63 from 60, Le Journal du Dimanche reported Monday. 'I think that we've taken the right steps, and that France has important plans for budget consolidation,' Merkel said. The world 'needs a signal from Europe' on cutting debt, she said. 