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EU leaders open talks
Fri, Nov 07, 2008
AFP

BRUSSELS - EU leaders opened on Friday a brief lunch meeting to thrash out a common plans for reforming the international financial order ahead of a Washington summit of leading economic powers next week.

'Today is about preparing the global financial summit in the coming weeks and reaching a united position among the member states,' German Chancellor Angela Merkel said as she arrived.

'I think we have very good chances for that.' Leaders from the 20 most economic powerful nations will meet on November 15 in Washington for what is supposed to be the first of a series of meetings aimed at reshaping the international financial system.

The European Union, under its current French presidency, has led calls for a broad overhaul of global financial architecture, prescribing a stiff dose of tougher regulation to fix the system's ills.

'The European Union appears united in making very important proposals for the global financial system and the global economy,' said European Commission chief Jose Manuel Barroso as he arrived.

'I see the Washington summit as a real historical summit which will launch a process, a process not just for the reform of the global financial system but also the global economy,' he added.

In a French document to be discussed by European leaders, Paris calls for much more important role for the International Monetary Fund, which it says should be 'the prime organisation responsible for world financial stability'.

Eager for the Washington summit to be more than just a talking shop, the EU's French presidency also wants it to be followed up with 'concrete and operational proposals' in the ensuing 100 days.

 

 
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