Global finance crisis overshadows francophone summit (AFP)

AFP - The global finance crisis is to overshadow a summit of some 30 French-speaking nations Friday to Sunday in Quebec City, and Canada-EU trade talks on its sidelines, say organizers. Read more…

Coming days crucial for crisis: Brown (AFP)

14.10.2008 19:45 Business

LONDON (AFP) - Prime Minister Gordon Brown said on Tuesday that the next few days would be "crucial" in tackling the global financial crisis, as the European Union (EU) prepared for a crunch summit.

Brown said EU leaders -- who meet in Brussels Wednesday and Thursday -- need to take action fast to shore up banks and get them lending among themselves again.

Leaders from the 27-nation European bloc are expected to rally behind plans hammered out in Paris on Sunday, when members of the 15-nation eurozone met to discuss how to tackle the crisis.

"The stakes are higher than ever before and the coming days will be crucial for the international financial community," Brown told reporters.

"It will take time -- and these are tough times -- for us to resolve the problems that have emerged in the banking system. The resolve of our leaders will be put to the test in the coming days," he said.

But he added: "We can come through these difficult times stronger if we make the decisions that I believe are essential for the strongest possible future for the international community."

Brown said he would lay his proposals on the table in Brussels.

"Our intention must be, and we'll be discussing obviously at the European Council... to make sure that as quickly as possible we identify what problems exist in the European continent and then deal with them as soon as we can.

"The European Council will, in my view, agree what the euro group agreed on Sunday and that is that we should stabilise the system.

"Once an agreement is made to do these things, then people will have more confidence as we move forward."

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