Germany, France and Italy urged the European Union to show restraint in financial rule making and instead focus on boosting the competitiveness of its banking sector, the latest sign of a global political shift to prioritize economic growth over regulation.

Seventeen European countries called on the European Commission on Friday to sharpen the EU's rules on returning irregular migrants to their home countries, a document showed, a week ahead of a summit where migration is likely to be on the agenda.

Fourteen EU countries, as well as Norway, Switzerland and Liechtenstein, signed an appeal calling on the EU executive to propose new rules making returns policies stricter, Reuters reported. The letter to the Commission says migrants with no right to stay in the EU “must be held accountable,” according to the report.