Propping up the world’s financial structures is the primary subject of discussion at the European Union leaders’ summit in Brussels. France is chairing the meeting, as the bloc’s current presiding nation.
The 27 heads of state and government say they are determined to adopt a coordinated approach. The bloc has promised a 2.2 trillion euro cash float for European banks, after lending threatened to dry up. The summit participants are expected to give the European Commission the green light to come up with reform proposals covering the full breadth of the financial sector.
British Prime Minister Gordon Brown has thrown his support behind calls for another summit specifically on reform of global capital systems.
German Chancellor Angela Merkel said such a meeting aimed at preventing a repeat of the credit crisis should take place in November, to include the G8 countries and emerging markets.