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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. Meanwhile, shares across the world have fallen sharply 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". The Dow Jones index in New York sank nearly 8% and shares in Brazil by 10%. There were sharp falls in London and on other European markets.
In a joint statement, the leaders of the G8 countries - the US, UK, France, Italy, Germany, Canada, Japan and Russia - 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 says global action is needed to deal with the financial crisisGordon Brown says global action is needed to deal with the financial 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".
In an interview with BBC Europe editor Mark Mardell, he said: "I believe that the action the G8 ministers are taking this evening... signifies a determination on our part at all times now to work together to make sure we can come through this financial difficulty fairly to all but with global action that is necessary to deal with this global crisis."
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. 'Strengthen confidence'
"The IMF has got to be rebuilt as fit for purpose for the modern world."
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.
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.