29 January 2008
EU leaders have agreed to "close co-operation" to ensure stability in the global economy, Gordon Brown said this evening following talks at Downing Street.
A communique was issued following a mini-summit between Gordon Brown and the French President Nicolas Sarkozy, German Chancellor Angela Merkel, Italy’s premier Romano Prodi and EU Commission President Jose Manuel Barroso.
The Prime Minister, reading the communiqué at the Foreign Office this evening, said that the leaders "remain committed to co-operating closely to maintain economic stability, and to strengthening and deepening economic reform". Greater transparency is needed in the global markets so that traders may better understand the risks they are taking, he added.
All the countries present agreed to prompt and full disclosure of the losses that banks and other institutions risk by trading as well as to regulatory action if changes are not made.
Following recent difficulties in the global marketplace, the communiqué called for a better "early warning system" to identify difficulties in the world economy and a way to ensure prompt action is taken to remedy problems.
Thanking the leaders for making the trip to London for talks, Mr Brown said that other members of the G8 would be consulted on all the issues discussed at the G8 finance ministers meeting in Japan next week.
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