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PM demands global economy effort | PM demands global economy effort |
(10 minutes later) | |
Prime Minister Gordon Brown has met 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. |
Afterwards, Mr Brown said an "international approach" was needed to "ensure that globalisation works". | Afterwards, Mr Brown said an "international approach" was needed to "ensure that globalisation works". |
The leaders discussed reform of the International Monetary Fund, regulating of financial firms and how to stabilise eastern European economies, | The leaders discussed reform of the International Monetary Fund, regulating of financial firms and how to stabilise eastern European economies, |
The meeting comes ahead of a global economic summit on 15 November. | 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. | 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. | 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." | "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. | He reiterated his call for governments to work together to prevent the "contagion" of economic crisis spreading. |
Ms Merkel called for "courageous and bold measures" to tackle the downturn. | |
Earlier she held a meeting with the Queen at Buckingham Palace. | |
Mr Brown held economic talks with French President Nicolas Sarkozy in Paris on Tuesday. | |
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 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. | 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. |