Tag: banking

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Sarkozy calls for Europe to provide unified action on turmoil in banking system

President Sarkozy has summoned French bankers to an emergency meeting today amid increasingly desperate efforts in Europe to check the spread of financial market chaos. With authorities in Belgium, Leaders of Europe's four major powers have gathered in Paris in an attempt to find a joint response to the global financial crisis. The meeting on Saturday between France, Germany, Britain and Italy follows the approval of a $700bn rescue plan for troubled US financial institutions. The leaders said they would do all they could to prevent the US financial problems from snowballing, but they did not adopt any rescue packages.