Joint responses to the financial crisis - a strong message for the Washington summit
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Nicolas Sarkozy, President of the French Republic
and President of the Council of the European Community
(C) European Communities
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On 7 November, the Heads of State and Government held an informal meeting to agree on the negotiating position of the European Union at the G20 Summit on the reform of the international financial system, which will take place in Washington on 15 November.
The European strategy lays the foundations of a way out of the financial crisis and is aimed at creating the basic rules for a new international financial architecture, the objective of which is to guarantee world financial stability. It is centred on principles of responsibility, transparency, regulation, governance and supervision. The proposal is thus to define a policy of compensation for the financial institutions in order to avoid the taking of excessive risks and an early-warning system to identify possible crises.
For the European leaders, the Washington Summit should be the opportunity to integrate reform of the international financial system with all the challenges to be met in the twenty-first century: food security, the fight against poverty and climate change.
Further information:
Informal Meeting of Heads of State or Government on 7 November 2008 (pdf)
Video broadcast of the Council's Press Conference
Coming events:
General Affairs External Relations and Defence Council, 10 and 11 November 2008
Agriculture and Fisheries Council, 18 and 19 November 2008