Saturday, October 18, 2008

EU, Canada support world summit on financial crisis

French President Nicolas Sarkozy and Canadian Prime Minister Stephen Harper said Friday they both support convening an international financial summit to discuss the current crisis by the end of the year.

The two leaders made the remarks at a press conference after a summit between Canada and the European Union. Sarkozy is the 27-member EU's rotating president.

Sarkozy has been pushing for some time to convene a summit that will seek rebuilding the global financial system to provide strengthening supervision on the markets, in order to prevent any new crisis.

He has gained the support of members of the European Union and is due to meet with U.S. President George W. Bush, together with European Commission President Jos Manuel Barroso, to discuss the crisis.

Harper added that Canada and the European Union reaffirmed their determination to restore confidence and normal functioning in the financial system.

About the "format" of the summit in sight, Sarkozy explained that the G8 would be a good shape, but he prefers inviting emerging countries for a serious dialogue as to how to face the world's biggest financial crisis since the Great Depression in 1930s.

"It's bizarre" to convene such a summit without inviting emerging countries like China and India, he said.

Sarkozy arrived here on Friday. He is to address the opening ceremony of the 12th Francophone summit later in the day.

Source: Xinhua

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