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Europe prepares its case for economy summit

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Europe prepares its case for economy summit


Despite some differences of opinion, EU countries will go to next week’s Washington economic summit with a common position insists French President Nicolas Sarkozy. As holder of the bloc’s presidency France is at the wheel of Europe’s efforts to reform the world’s financial system.

Sarkozy said after an EU meeting in Brussels: “Everyone agrees on the absolute necessity of coordinating economic policies in Europe. Coordination does not mean that everyone has to do the same thing because we are not all in the same situation, but what it means is that we should be moving in the same direction.”

In Washington next Saturday Europe will call for a greater role for the International Monetary Fund in supervising global financial systems. It also wants a new summit within 100 days of the forthcoming one to review progress.

Emerging economies will use the Washington talks to press for a greater influence within the IMF. Finance ministers from Brazil, India, China and Russia met in Sao Paolo to prepare their common position to take to Washington. They argue that if they are expected to help the IMF to help smaller economies, they deserve a more prominent seat at the IMF table.

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