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EU leaders meet to discuss global financial guidelines

Video by Eve JACKSON

Text by AFP

Latest update : 2008-11-07

Leaders from the 27 EU nations are meeting in Brussels on Friday to devise a blueprint for creating guidelines on international finance, in an attempt to stave off further crises.

 

European leaders are meeting in Brussels on Friday to define a common position on reforming the international finance system.

 

France, which holds the rotating EU presidency, hopes the 27 nations can, at the very least, reach an agreement on guidelines for the G20 summit in Washington DC on November 15. The summit will comprise highly industrialised and developing nations.

 

France will put on the table a plan aimed at controlling financial markets, including cracking down on off-shore tax havens and speculative funds.

 

Europe has had trouble agreeing on a common strategy.

 

The leaders cannot agree on concrete measures to combat the threat of global recession.  The IMF foresees a contraction of economic activity in developed nations next year - the first such contraction since 1945.

 

France aims for the G20 summit to nail out concrete propositions by the end of February, just a month after the inauguration of US President-elect Barack Obama.

Date created : 2008-11-07

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