Germany will host a summit of the Group of 20 developed and emerging nations in May to focus on financial market regulation, German magazine Der Spiegel reported on Saturday.

The goal will be to accelerate coordination within the group, the magazine reported, adding that Germany wanted to prevent finance ministers, central bankers, and experts from G20 countries from moving forward unilaterally on oversight.

(Reporting by Brian Rohan; Editing by Toby Chopra)