The leaders of the 15 countries that use the Euro currency are now in talks that aim to provide concrete steps to help prevent financial meltdown.
The emergency meeting in Paris was called by the French president following one of the worst weeks in recent stock market history.
The European effort comes a day after G7 talks in Washington produced only pledges to do whatever it takes to revive the global credit system.
Host Nicolas Sarkozy said he expected all those present to lead all of Europe in the same coordinated and ambitious direction.
“Europe will speak with one voice,” he said, “for Europeans but also for the whole world, as the crisis is a global one.”
Much hope is riding on a plan put forward by Prime Minister Gordon Brown, who was invited to the Eurogroup talks by Sarkozy despite the fact that Britain does not use the Euro.
Brown has expressed a wish for other European countries to follow his lead and adopt Britain’s bank rescue plan, or a variation on it.