France wants to see results this year in reform of the global financial system after the glacial progress since crises first erupted two years ago, according to financial sources.

French Treasury head Jean Lemierre delivered the ambitious message during visits to Beijing and Tokyo, where he met on Friday with Japanese counterpart Eisuke Sakakibara, according to a French source.

The initial sense of urgency was partly fuelled by the East-Asian financial crisis that erupted in July 1997 and infected most emerging markets, from Russia to Brazil, sources said.

Then came September's $3.5-billion rescue of Long Term Capital Management (LTCM) hedge fund, triggering a chorus of demands, and proposals, for reform.

LTCM was rescued by 14 major international financial institutions pressured by the Federal Reserve of New York. The banks' exposure to it was huge and there was a concern that a default could trigger a chain reaction.

But the differences between major industrialised nations have raised fears that the status-quo will be maintained, or that reforms in the key areas under discussion will be minimal.

The reform topic was on the table at Bonn meetings in February of the Group of Seven and in March of the Group of 33 - the G7 plus 26 other invited nations.

Now the dream plan is for further debate at IMF-World Bank meetings in Washington at the end of April and for decisions to be taken in June at the Group of Eight (G7 plus Russia) Summit in Cologne.

The actual reforms would be implemented by the end of the year. No deal is on the horizon for reform of the IMF.

There is agreement on the need to improve the Interim Committee, the policy-making body of the Fund.

Treasury officials and deputy governors will hold their first deputy-level meeting on reform this month..