European leaders meet for common position on crisis
European leaders met here Sunday to try to hammer out a common stance on ways to counter the ongoing global financial crisis ahead of a Group of 20 (G20) summit in London.
The meeting grouped leaders of Britain, France, Italy, Spain, the Netherlands, the Czech Republic and Luxembourg, as well as the European Commission president, finance ministers and central bank governors, Xinhua reported.
The meeting was based on the pledges made at the G20 summit in Washington last November, when world leaders formulated an action plan to overhaul the global financial system in the wake of the biggest financial shock in 80 years.
The leaders will be discussing how to strengthen regulation of the international financial market and banking system, from where the crisis had started.
Other issues include strengthening the roles of the International Monetary Fund and the Financial Stability Forum, deterring protectionism and helping weaker members in the euro zone.
A chair's summary will be released after the meeting, and the finance ministers are expected to formulate a more detailed document mapping out a common position, officials said.