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EU in push for world finance summit: Sarkozy

Posted by smeddum on October 12, 2008

EU in push for world finance summit: Sarkozy
12 October 2008, 22:32 CET EUbusinessNews
(PARIS) – The European Union will ask the United States to jointly organise an international summit to reform the global finance system, French President Nicolas Sarkozy said Sunday after talks with EU leaders.

After agreeing on a bank rescue plan, Sarkozy said Europe must now join the United States and other powers to address the root causes of the banking crisis that has seriously rattled stock markets.

“We must convince our American friends of the necessity of an international summit to review the international financial system,” said Sarkozy.

“We in Europe are not ready to let this go on in this fashion.”

The president first proposed holding the world summit in an address to the United Nations last month, saying that the gathering would lay the groundwork for more state regulation to replace the laissez-faire market approach.

Sarkozy is hoping to organise the gathering in November to bring together leaders of the Group of Eight club of industrial nations along with emerging powers Brazil, China and India.

On Sunday, he said that once the fires of the financial crisis had been doused, governments and regulators would take a closer look at the situation to determine who might be held to account for the meltdown.

“Some officials will have to assume their responsibilities,” he said.

“There will be reviews and changes. For the time being, we are trying to manage the crisis, to pull out of the crisis and to restore confidence.”

Leaders of the 15-nation eurozone single currency bloc agreed Sunday on a joint plan to confront the banking crisis, hoping to avert further massive losses on the stock markets.

Text and Picture Copyright 2008 AFP. All other Copyright 2008 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.

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