French President Nicolas Sarkozy says he will work with Russia to give developing nations a larger role in the debate over how to regulate the global economy.

He says the global financial institutions such as the World Bank and International Monetary Fund are outdated and that the United Nations is "incredibly slow."

Sarkozy said Saturday that he would work with Russia during the next week's session of the Group of 20 in Canada to restrict offshore financial zones and abolish the "law of the jungle" that he says governs the global economy.

Russian President Dmitry Medvedev says he agrees with Sarkozy and that the G20, a grouping of 20 prominent wealthy and developing nations, is the most promising and effective institution created in the 21st century.