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    US, Europe agree to hold financial crisis summits, Bush to host first

    HotNewsTurkey with wires
    19.10.2008 - 13:45 | Son Güncelleme:

    The U.S. and European leaders have agreed to hold a series of summits to reform the global financial system to make it more resilient and ensure continued prosperity in the world.

    President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Barroso said in a joint statement after meeting on Saturday that the first summit would take place in the United States soon after the Nov. 4 U.S. presidential election.

     

    "Later summits would be designed to implement agreement on specific steps to be taken to meet those principles," the statement said, adding that other world leaders would be contacted beginning next week.

     

    European leaders have pressed to convene an emergency meeting of the world's richest nations, known as the Group of Eight, joined by others such as India and China, to overhaul the world's financial regulatory systems. The meetings are to include developed economies as well as developing nations.

     

    "The first task is to stabilize the financial markets in our own countries," Bush said in welcoming Sarkozy and Barroso to the Camp David presidential retreat in rural Maryland, Bloomberg reported.

     

    "Given that the world has never been more interconnected, it is essential that we work together because we're in this crisis together."

     

    The summit plan emerged as fears of a full-blown global recession gathered.

      

    Both U.S. consumer confidence and new-home construction showed sharp drops, and stock markets around the world remain volatile as investors count their losses and ponder when the financial gloom may ease.

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