German Finance Minister Wolfgang Schauble wants the EU to implement a commonly agreed finance policy and to take the global lead in introducing a financial transaction tax to curb speculative trading, he told the Financial Times.

In an interview with the newspaper on Monday, Schauble urged the EU to take big steps towards a fiscal union.

Schauble also called for tougher regulation of big banks and the shadow banking sector, which he described as an essential part of tackling the global crisis.

I am convinced that if we introduce a financial transaction tax in the EU, then the chances of getting a global agreement will increase enormously, he said.

Speaking days before the start of the G20 summit of global economies on Thursday, Schauble said the eurozone was not on a negotiating trip and denied that Europe would offer political concessions to attract investors.

He warned, however, that Italy must solve its own problems to cut its debt burden, admitting that it still has work to do.

The stability of the euro requires that the big member states must live up to their own responsibility. Italy must solve its own problems, he said.

On the issue of further financial regulation, Schauble said it is in the interest the financial sector itself that should concentrate on ensuring capital is allocated in the most intelligent way.

He added that he was well aware of the UK government's opposition to the proposed tax, which will be presented to EU finance ministers on November 8.

I respect their arguments, but we must first have a debate at the EU level. It would be wrong to say it is hopeless before we have even discussed it.

(Reporting by Stephen Mangan)