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Brown and Merkel in economy talks PM demands global economy effort
(20 minutes later)
Prime Minister Gordon Brown is meeting German Chancellor Angela Merkel to discuss ways of handling the effects of the economic downturn. Prime Minister Gordon Brown has met German Chancellor Angela Merkel to discuss ways of handling the effects of the economic downturn.
They are expected to discuss Europe-wide action to prevent a substantial worsening of the situation. Afterwards, Mr Brown said an "international approach" was needed to "ensure that globalisation works".
The leaders are due to give a Downing Street press conference soon. The leaders discussed reform of the International Monetary Fund, regulating of financial firms and how to stabilise eastern European economies,
The talks come as the value of shares on the two countries' stock exchanges are rising, while the euro and pound have made gains against the dollar. The meeting comes ahead of a global economic summit on 15 November.
The Downing Street talks happened on a day that has seen the value of shares on the London and Frankfurt stock exchanges rising, while the euro and pound have made gains against the dollar.
'Contagion''Contagion'
Mr Brown said: "The international approach we are supporting is the only way we can ensure that globalisation works.
"This is a global problem that requires a global solution."
He reiterated his call for governments to work together to prevent the "contagion" of economic crisis spreading.
Earlier Ms Merkel held a meeting with the Queen at Buckingham Palace.Earlier Ms Merkel held a meeting with the Queen at Buckingham Palace.
Mr Brown held economic talks with French President Nicoal Sarkozy in Paris on Tuesday.Mr Brown held economic talks with French President Nicoal Sarkozy in Paris on Tuesday.
Afterwards he said the first priority was "to stop the contagion to other countries, including in eastern Europe" where there were "problems emerging".
He said the International Monetary Fund would have to create a new fund to help struggling nations.He said the International Monetary Fund would have to create a new fund to help struggling nations.
Earlier this week the Bank of England said the world's financial firms had lost £1.8 trillion ($2.8 trillion) as a result of the continuing credit crisis.Earlier this week the Bank of England said the world's financial firms had lost £1.8 trillion ($2.8 trillion) as a result of the continuing credit crisis.
Mr Brown is due to attend a summit of world leaders in Washington on 15 November to decide how countries work together to tackle the problem. Mr Brown and Mr Merkel are due to attend a summit of world leaders in Washington on 15 November to decide how countries work together to tackle the problem.