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EU HOLDS FINANCIAL REFORM SUMMIT
EU HOLDS FINANCIAL REFORM SUMMIT
November 7, 2008
BBC News reports: “EU leaders will meet in Brussels shortly to co-ordinate their approach to the financial crisis ahead of a global summit in Washington next week.
The leaders believe there needs to be serious reform of the international financial architecture, the BBC's Jonny Dymond reports from Brussels.
Smaller EU states, whose leaders will not go to Washington, will have a chance to air their concerns on Friday.
There are some strong disagreements about the degree of regulation needed.
Some countries would like to see, in effect, a rewriting of the rules of the free market, while others think there is a risk of rushed regulation strangling future growth, our correspondent says.
France's President Nicolas Sarkozy, chairing the Brussels meeting, says the 15 November Washington summit needs to be ‘a new Bretton Woods’ - referring to the 1944 meeting which led to the creation of the International Monetary Fund and other global institutions.
He wants fundamental reform of the international financial system to ensure there can be no repeat of the global banking crisis - widely held to be the worst since the 1929 Wall Street crash.
France is keen for the EU to demand a 100-day deadline for action - a timescale that could involve US President-elect Barack Obama in the proposed reforms…”
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November 7, 2008
BBC News reports: “EU leaders will meet in Brussels shortly to co-ordinate their approach to the financial crisis ahead of a global summit in Washington next week.
The leaders believe there needs to be serious reform of the international financial architecture, the BBC's Jonny Dymond reports from Brussels.
Smaller EU states, whose leaders will not go to Washington, will have a chance to air their concerns on Friday.
There are some strong disagreements about the degree of regulation needed.
Some countries would like to see, in effect, a rewriting of the rules of the free market, while others think there is a risk of rushed regulation strangling future growth, our correspondent says.
France's President Nicolas Sarkozy, chairing the Brussels meeting, says the 15 November Washington summit needs to be ‘a new Bretton Woods’ - referring to the 1944 meeting which led to the creation of the International Monetary Fund and other global institutions.
He wants fundamental reform of the international financial system to ensure there can be no repeat of the global banking crisis - widely held to be the worst since the 1929 Wall Street crash.
France is keen for the EU to demand a 100-day deadline for action - a timescale that could involve US President-elect Barack Obama in the proposed reforms…”
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Tags: Financial Reform, banking, crisis, global, global banking crisis, new world order, one world government
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