Europe leaders pledge economic stability

Leaders of Europe's four biggest economies have underlined the need for stability and strengthened confidence after talks on the financial crisis. The mini-summit came at the demand of French President Nicolas Sarkozy, whose country currently holds the rotating EU presidency. At a press conference afterwards, Sarkozy said: "Faced with a global crisis, Europe exists and is presenting a response. What is very inmportant is that we have answers to the emergency, which is what we're doing. And that we take common action to demand a summit be organised to ensure that tomorrow the same causes do not have the same effects. It requires a real reformation." German Chancellor Angela Merkel said that measures taken by European countries to support their own economies should not be to the detriment of other European partners. British Prime Minister Gordon Brown spoke to reassure those outside the banking sector worried about the crisis. He told the press conference: "The message to families and businesses is, as our central banks are already doing, liquidity will be assured in order to preserve confidence and stability." Italy's Silvio Berlusconi demanded that ethics be brought back into economics and pledged that the EU will work closely with emerging economies China and India to re-constitute the financial system.

EuroNews | October 4, 2008

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