World financial crisis

EU leaders say response just beginning

Article published on the 2008-11-08 Latest update 2008-11-08 13:05 TU

Guido Mantega, Brazilian finance minister.
(Photo: Reuters)

Government response to the financial crisis should continue well beyond yesterday’s EU finance summit and the G20 meeting in Washington next week, as continued international cooperation will be essential to managing the problem, EU leaders said following their meeting Friday.

Meeting to prepare Europe’s position ahead of the G20 meeting, the EU leaders released a statement calling for an overhaul of global financial transactions with stiffer regulation and oversight and a larger role for the International Monetary Fund.

"The decisions that we will take in the next few months will reshape our world for a decade and more," British Prime Minister Gordon Brown told journalists. "This is not a time for business has usual."

Eager to keep international cooperation going, the EU leaders also called for another global summit to be held less than 100 days after the Washington meeting.

Next week’s summit was called by US President George W Bush to coordinate the world’s response to the growing financial crisis.

Preparation for the meeting continues this weekend with a meeting of finance ministers and central bank chiefs in Sao Paolo, Brazil.