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US to host global finance summit | |
(10 minutes later) | |
US President George W Bush is holding talks on the global financial crisis with French counterpart Nicolas Sarkozy and the European Commission president. | US President George W Bush is holding talks on the global financial crisis with French counterpart Nicolas Sarkozy and the European Commission president. |
Mr Bush, Mr Sarkozy and Jose Manuel Barroso are meeting at Camp David. | Mr Bush, Mr Sarkozy and Jose Manuel Barroso are meeting at Camp David. |
They are discussing plans to hold a global summit of G8 nations as well as China, India and other major economies, which Mr Bush has offered to host. | |
The Europeans want the summit to pave the way for talks on an overhaul of the world's financial regulatory systems. | The Europeans want the summit to pave the way for talks on an overhaul of the world's financial regulatory systems. |
As Mr Bush welcomed his guests to Camp David, the presidential retreat in the state of Maryland, he offered to host the summit in the US "in the near future". | As Mr Bush welcomed his guests to Camp David, the presidential retreat in the state of Maryland, he offered to host the summit in the US "in the near future". |
Mr Sarkozy said the summit could be held before the end of November. | |
United Nations Secretary General Ban Ki-moon has already proposed using the UN headquarters in New York as a venue. | United Nations Secretary General Ban Ki-moon has already proposed using the UN headquarters in New York as a venue. |
Standing alongside Mr Sarkozy and Mr Barroso, Mr Bush said it was "essential" to preserve the commitment to "free enterprise, free markets and free trade". | |
Mr Sarkozy said the world must move beyond the "hateful practices" that prompted the current financial crisis. | |
He said that he and Mr Barroso came with a mandate from the 27 nations of the European Union, adding that the crisis could offer a "great opportunity" to redraft the rules of international finance. | |
He warned against the lure of protectionism and the temptations to individual nations to turn their backs on international systems, saying such a trend would lead to "catastrophe". | |
'Big enough and bold enough' | 'Big enough and bold enough' |
Earlier, in his weekly radio address, Mr Bush sought once again to reassure Americans about the government's $700bn bail-out of US financial institutions, which includes a $250bn scheme to buy stakes in leading banks. | Earlier, in his weekly radio address, Mr Bush sought once again to reassure Americans about the government's $700bn bail-out of US financial institutions, which includes a $250bn scheme to buy stakes in leading banks. |
Elements of the plan are similar to those earlier announced by European governments. | Elements of the plan are similar to those earlier announced by European governments. |
"The federal government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people," the president said. | "The federal government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people," the president said. |
"These actions will take more time to have their full impact. But they are big enough and bold enough to work." | "These actions will take more time to have their full impact. But they are big enough and bold enough to work." |
On Friday, Mr Sarkozy said that without regulation there could be no freedom. | On Friday, Mr Sarkozy said that without regulation there could be no freedom. |
Addressing a meeting of French-speaking countries in Quebec City, Canada, he said the crisis was "an opportunity to change our bad habits... to reflect differently on economic growth". | Addressing a meeting of French-speaking countries in Quebec City, Canada, he said the crisis was "an opportunity to change our bad habits... to reflect differently on economic growth". |
The BBC's Jane O'Brien in Washington says European leaders have in the past blamed the US for the global financial crisis, which started when high-risk borrowers began defaulting on their mortgages. | The BBC's Jane O'Brien in Washington says European leaders have in the past blamed the US for the global financial crisis, which started when high-risk borrowers began defaulting on their mortgages. |
But she adds that Mr Sarkozy, whose country currently holds the EU presidency, has made it clear he wants to move away from finger-pointing and towards a partnership with the US to overhaul the world financial system. | But she adds that Mr Sarkozy, whose country currently holds the EU presidency, has made it clear he wants to move away from finger-pointing and towards a partnership with the US to overhaul the world financial system. |