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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. Earlier, UK Chancellor of the Exchequer Alistair Darling unveiled a package of loans for British firms worth up to £4bn.
"This is a global problem that requires a global solution." Mr Brown said: "Hard-pressed families and businesses in our communities depend on us working together.
"This is a global problem that requires a global solution. No country - no matter how big - can solve these problems on their own.
"People in both countries want to know that every possible course of action is being pursued to guide families and businesses through this difficult time, and we are determined to continue the co-operation that we've had between our two countries."
'Courageous and bold'
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.Ms Merkel called for "courageous and bold measures" to tackle the downturn.
Earlier she held a meeting with the Queen at Buckingham Palace.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.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.