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European leaders meet to discuss crisis

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European leaders meet to discuss crisis

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European leaders are meeting in Paris for a summit which French President Nicolas Sarkozy hopes will shore up confidence in a crisis hit banking system.

The meeting follows US Congressional approval of a 500 billion euro bail-out on Wall Street.

The fall-out has redrawn the financial landscape on both sides of the Atlantic where paralysed money markets are causing stocks to plummet over fears of full-blown recession.

Sarkozy’s plan is to prove that voters and businesses in Europe can count on governments
to mobilise the resources needed to protect investor savings.

German Chancellor Angela Merkel, British Prime Minister Gordon Brown and Italian Prime Minister Silvio Berlusconi are all at the table along with the policymakers.

The President of the European Central Bank Jean Claude Trichet and euro zone currency spokesman Jean Claude Juncker are on hand to advise and guide the politicians.

The meeting comes after five bank rescue operations across Europe in the space of a few days at a cost of more than 72 billion euros.