November 07, 2008

Next week's global finance summit in Washington must launch rapid reforms to prevent a fresh outbreak of the credit crisis that has rocked the world economy, European Union leaders will urge on Friday. France, which is chairing the meeting in Brussels, proposes that the EU demand a 100-day deadline for action such as entrusting the International Monetary Fund with pre-empting or allaying future crises.
Germany and Britain insist the Nov. 15 meeting of Group of Eight (G8) economies and emerging countries, which may also include U.S. President-elect Barack  Obama's team, must open the way for root-and-branch change. U.S. President George W. Bush's outgoing administration has taken a more cautious stance.” We want Washington to be more than just a nice meeting where everyone gets a chance to see Obama," a German government official said.
"We expect Washington to produce a clear time schedule, a clear mandate ... We know that the readiness to overhaul the international financial architecture will diminish as countries begin to feel better."