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EU heads hold bank crisis talks Europe agrees bank crisis action
(20 minutes later)
Europe's biggest economies will work together to support the troubled financial system, their leaders say. Europe's biggest economies have agreed to work together to support financial institutions - but without forming a joint bail-out fund.
The leaders of France, Britain, Germany and Italy met in Paris to discuss the financial crisis. French President Nicolas Sarkozy hosted a meeting of the leaders of Britain, Germany and Italy in Paris.
They agreed that each government would act according to its own means but in co-ordination with other countries. "Each government will operate with its own methods and means, but in a co-ordinated manner," said Mr Sarkozy.
No pan-European response to the credit crunch - along the lines of the US financial rescue plan - was agreed. He announced a series of allied measures - including action against the executives of failed banks.
'Trial by fire''Trial by fire'
The head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, had urged the EU to take co-ordinated action, saying the financial crisis was presenting Europe with a "trial by fire".The head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, had urged the EU to take co-ordinated action, saying the financial crisis was presenting Europe with a "trial by fire".
It has to be indicated to the markets... that European countries will not react as every man for himself Dominique Strauss-Kahn, IMF headIt has to be indicated to the markets... that European countries will not react as every man for himself Dominique Strauss-Kahn, IMF head
He held talks with Mr Sarkozy before the EU leaders' meeting and said that although the EU was a more complex organisation than the US, Europe needed to take "concerted collective action".He held talks with Mr Sarkozy before the EU leaders' meeting and said that although the EU was a more complex organisation than the US, Europe needed to take "concerted collective action".
He said: "It has to be indicated to the markets... that European countries will not react as every man for himself."He said: "It has to be indicated to the markets... that European countries will not react as every man for himself."
He also said he would be scaling back his world economic growth forecasts.He also said he would be scaling back his world economic growth forecasts.
European Central Bank chief Jean-Claude Trichet and the chairman of the eurozone group of finance ministers, Jean-Claude Juncker, also attended the meeting.European Central Bank chief Jean-Claude Trichet and the chairman of the eurozone group of finance ministers, Jean-Claude Juncker, also attended the meeting.
Germany and UK scepticalGermany and UK sceptical
Ahead of the meeting, Germany had made its opposition to any co-ordinated European bail-out plan .Ahead of the meeting, Germany had made its opposition to any co-ordinated European bail-out plan .
UK PM Gordon Brown was also sceptical of the need for any Europe-wide plan.UK PM Gordon Brown was also sceptical of the need for any Europe-wide plan.
The president of the European Parliament has criticised the summit, warning that the leaders of Europe's four largest economies have no power to decide for the entire European Union.The president of the European Parliament has criticised the summit, warning that the leaders of Europe's four largest economies have no power to decide for the entire European Union.
Calls for European action follow the bail-out of both Bradford and Bingley in the UK and Fortis Bank by the governments of Belgium, Luxembourg and the Netherlands.Calls for European action follow the bail-out of both Bradford and Bingley in the UK and Fortis Bank by the governments of Belgium, Luxembourg and the Netherlands.