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| Version 2 | Version 3 |
|---|---|
| G8 backs financial reform summit | G8 backs financial reform summit |
| (about 1 hour later) | |
| The leaders of the G8 major industrialised nations have agreed to hold a summit with other states to discuss global financial reform. | The leaders of the G8 major industrialised nations have agreed to hold a summit with other states to discuss global financial reform. |
| They have also agreed to reopen world trade negotiations that collapsed earlier this year. | They have also agreed to reopen world trade negotiations that collapsed earlier this year. |
| The move follows a call by UK PM Gordon Brown, ahead of an EU summit in Brussels, to rebuild the IMF to help regulate the world's financial systems. | The move follows a call by UK PM Gordon Brown, ahead of an EU summit in Brussels, to rebuild the IMF to help regulate the world's financial systems. |
| Meanwhile, shares fell across the world amid fears of recession. | |
| In a joint statement, the G8 leaders said that changes had to be made to the "regulatory and institutional regimes for the world's financial sectors to remedy deficiencies exposed by the current crisis". | In a joint statement, the G8 leaders said that changes had to be made to the "regulatory and institutional regimes for the world's financial sectors to remedy deficiencies exposed by the current crisis". |
| The statement added: "We look forward to a leaders' meeting with key countries at an appropriate time in the near future to adopt an agenda for reforms to meet the challenges of the 21st Century." | The statement added: "We look forward to a leaders' meeting with key countries at an appropriate time in the near future to adopt an agenda for reforms to meet the challenges of the 21st Century." |
| Gordon Brown on Europe's 'common action' over the crisis | Gordon Brown on Europe's 'common action' over the crisis |
| Mr Brown told the BBC that the meeting would take place in "the next few weeks", and said he believed the action of the G8 leaders would make sure "we come through these financial difficulties". | Mr Brown told the BBC that the meeting would take place in "the next few weeks", and said he believed the action of the G8 leaders would make sure "we come through these financial difficulties". |
| Speaking to reporters on Wednesday ahead of the EU summit in Brussels, Mr Brown made an impassioned plea for a global summit to reform the International Monetary Fund (IMF), to help regulate the world's financial systems. | Speaking to reporters on Wednesday ahead of the EU summit in Brussels, Mr Brown made an impassioned plea for a global summit to reform the International Monetary Fund (IMF), to help regulate the world's financial systems. |
| He also called for the creation of an early warning system for the international economy and for more cross-border supervision of multinational financial companies. | He also called for the creation of an early warning system for the international economy and for more cross-border supervision of multinational financial companies. |
| "We need to deal with the crises as they arise in a better, more co-ordinated way," Mr Brown said. | "We need to deal with the crises as they arise in a better, more co-ordinated way," Mr Brown said. |
| "The IMF has got to be rebuilt as fit for purpose for the modern world." | "The IMF has got to be rebuilt as fit for purpose for the modern world." |
| Markets plummet | Markets plummet |
| At the EU summit, the 27-member bloc is expected to rally behind plans agreed on Sunday by officials from the 15-nation eurozone. | At the EU summit, the 27-member bloc is expected to rally behind plans agreed on Sunday by officials from the 15-nation eurozone. |
| It will discuss lifting the guarantee on bank deposits to 100,000 euros ($136,760; £77,760) within a year. | It will discuss lifting the guarantee on bank deposits to 100,000 euros ($136,760; £77,760) within a year. |
| The proposal is one of several due to be tabled at the summit, and follows a commitment last week to raise the guarantee level to 50,000 euros. | The proposal is one of several due to be tabled at the summit, and follows a commitment last week to raise the guarantee level to 50,000 euros. |
| EU Internal Markets and Services Commissioner Charlie McCreevy said increasing the minimum protection by next year would "strengthen Europeans' confidence in the safety of their deposits". | EU Internal Markets and Services Commissioner Charlie McCreevy said increasing the minimum protection by next year would "strengthen Europeans' confidence in the safety of their deposits". |
| Markets across Europe rallied after eurozone governments last Sunday pledged about $3 trillion to restore confidence in the banking system. | Markets across Europe rallied after eurozone governments last Sunday pledged about $3 trillion to restore confidence in the banking system. |
| But on Wednesday recession fears sent both US and European share prices plummeting. | But on Wednesday recession fears sent both US and European share prices plummeting. |
| Asian and European stock markets also lost ground following two days of dramatic rises. | Asian and European stock markets also lost ground following two days of dramatic rises. |