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Sarkozy seeks US backing for global money summit

Sarkozy seeks US backing for global money summit
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US backing for an international finance summit is Nicolas Sarkozy’s aim this weekend. The French President will meet his American counterpart, George W. Bush, after some hours with the Canadian Prime Minister Stephen Harper.

Sarkozy says morale is a major factor in the scenes of the past few weeks and he wants the high level summit to take place before the end of November.

Nicolas Sarkozy said: “I think that it is very important that Canada and Europe have the same convictions, the same values, and those will be taken into a summit which will build a new base for capitalism, which will reorganise the world’s financial system.”

Sarkozy wants a date and invitation list out of the Camp David meeting. The EU Commission President Jose Manuel Barroso said: “This global reform is the best way to fight off protectionist tendencies which both President Sarkozy and Prime Minister Stephen Harper have made clear is a threat which we must fight against.”

But global government bank bail outs have not proved a catch-all solution to market jitters. It has been a see-saw of a week on both sides of the Atlantic and in Asia, with Wall Street down again at the closing bell on Friday.