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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 called for an "international approach" to solving the economic downturn.
Afterwards, Mr Brown said an "international approach" was needed to "ensure that globalisation works". After a Downing Street meeting with German Chancellor Angela Merkel, he promised to fight the spread of "contagion" around the world.
The leaders discussed reform of the International Monetary Fund, regulating of financial firms and how to stabilise eastern European economies, Earlier, UK Chancellor of the Exchequer Alistair Darling unveiled a package of loans for firms worth up to £4bn.
The meeting comes ahead of a global economic summit on 15 November. Mr Brown and Ms Merkel's talks come two weeks ahead of an emergency global economic summit in Washington.
The leaders discussed reform of the International Monetary Fund, the regulation of financial firms and how to stabilise eastern European economies.
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'
Earlier, UK Chancellor of the Exchequer Alistair Darling unveiled a package of loans for British firms worth up to £4bn.
Mr Brown said: "Hard-pressed families and businesses in our communities depend on us working together.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."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.""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' Ms Merkel, who earlier met the Queen at Buckingham Palace, called for "courageous and bold measures" to tackle the downturn.
He reiterated his call for governments to work together to prevent the "contagion" of economic crisis spreading. Mr Brown also held economic talks with French President Nicolas Sarkozy in Paris on Tuesday.
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.
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, Mr Sarkozy 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.