European leaders have vowed to respect the rules of the single market and to reject temptation to slide into protectionsm.A need for a consensus within the bloc arose after France threatened to take strong action to rescue its carmakers – in the end fears that the French plan smacked of protectionism were calmed after the bailout plan was approved. Britain’s Prime Minister, Gordon Brown spelled out the need for a united EU response to the worldwide financial down turn. “The whole world must agree, as Europe has done today, on a need to reject protectionism, which is the road to ruin and the route to deeper recession. And we must all agree on the need for transparent scrutiny to monitor commitments entered into and we must do more to provide the resources that will facilitate trade between countries,” said Britain’s Prime Minister Gordon Brown Despite concerns that a poor east and rich west rift was forming a multi-billion euro bailout for the poorer states was rejected. But further agreement was reached on a framework for dealing with the toxic assets which have been crippling the ability or willingness of banks to lend. Leaders hope the talk of unity will prevail all the way to the summit of the Group of 20 nations meeting in London next month.
United EU leaders reject protectionism