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European summit on finance crisis European summit on finance crisis
(9 minutes later)
A European financial summit to discuss the current global crisis will take place in Paris on Saturday, the French President's office has announced.A European financial summit to discuss the current global crisis will take place in Paris on Saturday, the French President's office has announced.
Leaders from Britain, Germany and Italy, together with the president of the European Commission and European Central Bank chief, will be attending.Leaders from Britain, Germany and Italy, together with the president of the European Commission and European Central Bank chief, will be attending.
President Nicolas Sarkozy hopes it will lead to a world summit later this year.President Nicolas Sarkozy hopes it will lead to a world summit later this year.
Rumours of a 300bn euros (£237bn, $417bn) US-style bail out package have been denied by Sarkozy's office.Rumours of a 300bn euros (£237bn, $417bn) US-style bail out package have been denied by Sarkozy's office.
Calls for European action follow the bail-out of both Bradford and Bingley, which cost the UK government around £14bn, and Fortis Bank, which cost the governments of Belgium, Luxembourg and the Netherlands around £9bn.
European leaders are keen to agree a co-ordinated response ahead of next week's meeting of the G8 finance ministers and central bank governors in Washington.European leaders are keen to agree a co-ordinated response ahead of next week's meeting of the G8 finance ministers and central bank governors in Washington.
However the BBC's Paris correspondent Emma Jane Kirby said there was little agreement on how the Paris talks should proceed. Meanwhile, the Irish government's unilateral move to safeguard all deposits, bonds and debts in the Republic of Ireland's biggest banks and building societies for the next two years has raised concerns about competitive disadvantage among UK banks.
Germany has made its opposition to any co-ordinated European bail-out plan known ahead of the meeting. 'Nation-by-nation'
And the chairman of eurozone finance ministers has backed Germany in rejecting any need for a European rescue fund for distressed banks. However, the BBC's Paris correspondent Emma Jane Kirby said there is little agreement on how the Paris talks should proceed.
Eurogroup chairman Jean-Claude Juncker said Europe did not need a similar programme to the US's $700bn plan to take so-called toxic assets off banks' balance sheets. Germany has made its opposition to any coordinated European bail-out plan known ahead of the meeting, while the chairman of eurozone finance ministers has also rejected any need for a European rescue fund for distressed banks.
The Netherlands has proposed the creation of a European reserve fund to come to the aid of ailing banks before they fail. Eurogroup chairman Jean-Claude Juncker said Europe did not need a similar programme to the US's $700bn (£396bn) plan to take so-called toxic assets off banks' balance sheets.
But British Prime Minister Gordon Brown's spokesman said he did not expect discussion of an EU-wide bank fund at the meeting. British Prime Minister Gordon Brown is also sceptical of the need for any Europe-wide plan.
According to the BBC's Europe correspondent, Mark Mardell: "Downing Street prefers the case-by-case, nation-by-nation solutions that have been happening so far."
However, a French civil servant is reported to have proposed a 300bn euro bail-out fund, and the Netherlands has proposed the creation of a European reserve fund to come to the aid of ailing banks before they fail.
Despite the differing views, Gordon Brown's spokesman said he did not expect discussion of an EU-wide bank fund at the meeting.
"The purpose of the meeting will be to discuss how each of the four major economies in Europe are responding to the global financial crisis," he said."The purpose of the meeting will be to discuss how each of the four major economies in Europe are responding to the global financial crisis," he said.