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US and EU propose series of summits

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US and EU propose series of summits


US President George Bush has announced he will soon host an international summit to address the financial crisis, and a series of summits will take place in a joint initiative with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, meeting Bush at his retreat at Camp David.

The summit will begin shortly after the result of the US presidential elections on November the fourth, three weeks from now.

“Developed and developing nations will be represented and together we will work to strengthen and modernise our nations’ financial system so we can help ensure that this crisis doesn’t happen again.
We must resist the dangerous temptation of economic isolationism and continue the policy of open markets that have lifted standards of living and helped millions of people escape poverty around the world ,” he said.

Sarkozy said coordinating policy between nations was the key:

“The American President is right to say that protectionism and retreating within ourselves would be a catastrophe. He is right to say that calling into question the market economy would be a catastrophe. But neither can we continue with the same causes that will produce the same effects.”

France is the current holder of the EU presidency.

Sarkozy added the summit was an opportunity to revise the global financial system, an idea Bush did not comment on.

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