EU 'united' on financial reforms

Friday 7th November 2008

Gordon Brown and Nicolas Sarkozy say the European Union is united on proposed reforms to the international financial system.

The pair were speaking after EU leaders met to prepare their position before a global summit on the issue in Washington next week.

Among the measures Europe wants to see are agreed international accounting standards, the establishment of a college of supervisors for multinational firms and globally accepted standards of supervision for banks to apply in all countries.

It is hoped the proposals will both prevent future crises and act to mitigate the current damage caused by stretched liquidity across the global financial sector.

Mr Brown said the moves would help provide support and security for Britons' mortgages, jobs and standard of living.

"It is clear there is an emerging strategy for dealing with the current problems," he said.

"It is an emerging strategy that has increasing global support. By combining national action with global action we can solve many of the problems that we face."

French president Mr Sarkozy, whose country holds the rotating EU presidency, said a "pretty detailed common position" had been achieved.

"All have agreed with the need to take firm, ambitious decisions at the Washington summit," he said, before outlining the ways in which "proper entrepreneurial capitalism" can be achieved.

The biggest difference of opinion at the Brussels meeting is believed to be over how much regulation should be imposed.

Mr Sarkozy insisted there had been "consensus" but admitted some had tended to focus on certain areas more than others.

"We don't want to move from a total lack of regulation to too much regulation but we want to change the rules of the game in the financial world," he concluded.

The Washington summit begins on November 15th.

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