Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

BREAKING NEWS

BREAKING NEWS

EU leaders prepare ground for Washington financial summit

 Comments
EU leaders prepare ground for Washington financial summit
Text size Aa Aa

EU heads of state have arrived for a meeting in Brussels, aimed at hammering out a common position on the global financial crisis.

French President Nicholas Sarkozy – charged with the rotating presidency of the bloc – called the meeting to prepare for a summit for the world’s largest economies in Washington in a week’s time.

That will be devoted to an overhaul of global financial institutions.

The EU meeting is just the latest in a month-long series of get-togethers.

These have produced repeated pledges of action to recapitalise banks and encourage inter-bank lending to prevent a repeat of the crisis.

France has proposed specific measures, that it wants accepted before Washington and adopted within one hundred days afterward.

These include, among others, a greater role for the IMF, stricter regulation for financial bodies such as hedge funds, and obligatory registration of the rating agencies, among others.

The proposal is a shorter version of a paper discussed by EU finance ministers earlier this week.

Several objected, concerned it could give rise to over-regulation.

One thing is certain, reform will not be rapid, but will require negotiations over several months.