Leaders of the euro zone countries will hold a financial crisis summit in Paris on Sunday to "define a joint action plan for the euro zone and the European Central Bank," the French presidency said.
EU heads of state and government are due to hold a regular summit in
The Eurogroup unites 15 EU nations that have adopted the euro currency, including
Highlighting the urgent need for solutions,
"The stock markets are currently in the grip of panic and madness," Italian Prime Minister Silvio Berlusconi told reporters in
"We will have to come up with something. I think that we will have to rewrite the rulebooks," he said.
Finance ministers and central bankers from the Group of Seven met in
"We now need quick and resolute actions ... Not to act is no alternative," said Axel Weber, a governing council member of the European Central Bank.
Sarkozy called together the heads of
"There are no precedents for a situation in the international financial system characterised by a profound lack of confidence and the inability of the credit markets to function," Zapatero told reporters.
On Friday, Die Welt newspaper said the German government was working on a British-style rescue plan for its financial sector which could involve guarantees of over 100 billion euros ($137 billion) and a large capital injection.
A coalition party source confirmed the report although Chancellor Angela Merkel's spokesman Ulrich Wilhelm said a decision had yet to be made.
This idea has failed so far to find any buyers.
Date created : 2008-10-10