French President Nicolas Sarkozy said that he expects Sunday's meeting of 15 European leaders to produce a united coordinated plan to battle the effects of the current financial crisis. Decisions made by leaders of Eurozone countries will be submitted to the 12 remaining European Union countries at a planned European Union summit Wednesday. Said French President Sarkozy, "I expect an ambitious, coordinated plan that brings solutions." In a hopeful statement German Chancellor Angela Merkel said, "Our goal is to define a coordinated joint action for the Eurozone, so that we can in the coming days take national measures that stabilize the financial markets, but that also don't discredit the individual member states." Before the summit Sarkozy He met with British Prime Minister Gordon Brown. The partial nationalization of some British banks could serve as a model for Eurozone countries despite the fact that the UK does not use the Euro as currency. Following the lead of Britain some European leaders said one of the main proposals on the table is government guarantees of interbank loans in order to unfreeze credit markets frozen by fear and uncertainty among financial institutions. Prime Minister Brown, writing in Sunday's Daily Mirror reiterated the need for swift drastic action because of the role banks play in the day to day economy; getting a loan, paying the bills and saving for old age. Said Brown reflecting on the seriousness of the current situation, "For Europe, the stakes could not be higher and this is a moment of truth." Sunday's Eurozone meeting comes after a week of chaotic market conditions with stick indexes diving across the continent. The meeting follows on the heels of last weeks meeting of the leaders of Europe's four biggest economies which failed to produce any plans. The president of the European Commission, Jose Manuel Barroso stated he hoped that leaders would, "take an important step forward today by agreeing to a clear response for the euro area to the current crisis." He also called for an, "unprecedented level of coordination." German Chancellor Angela Merkel stressed the need for coordinated action and hoped that a "common toolbox" would be produced by the summit. In a statement Merkel said, "We need a common approach in Europe, but we must be able to adapt to each national situation in a flexible way." The meeting follows a meeting in Washington attended by finance ministers of, Japan, Germany, Britain, France, Italy, Canada and the United States. It is hoped that European nations can come up with a coordinated plan instead of the individual approaches European nations have taken with mixed results. The only markets that seem to be functioning with any kind of stability are Forex markets. During the last two weeks the Euro has taken a pounding against the dollar and it is hoped that Sunday's meeting will produce a plan that may restore confidence in the Euro.
Please Rate this Article 5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
