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EU leaders in London to discuss economic woes

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EU leaders in London to discuss economic woes

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It is being described as a show of confidence in the face of financial uncertainty. The leaders of four of Europe’s biggest economies are meeting in London in the wake of recent market turbulence. The summit between Britain, Germany, France and Italy is expected to result in a joint declaration of resolve and a promise to increase cooperation.

British Prime Minister Gordon Brown called the meeting weeks ago to discuss the global credit crunch.

But the pressure has since gone up, with a fall in consumer confidence and the fallout from the Societe Generale bank scandal.

Also, the US Federal Reserve last week made its biggest interest rate cut in a quarter of a century as the risk of recession looms.