Blair to co-host financial forum

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Former prime minister Tony Blair will co-host a financial forum with French President Nicolas Sarkozy to look for "concrete solutions" to the downturn.

Mr Blair said the Paris event was being staged "to define a new model of capitalism" during the economic crisis.

Mr Sarkozy said the forum, planned for 8 to 9 January, would look for answers at "a crucial period for our economies and our social organisations".

Senior policy-makers and bosses will be joined by ministers and experts.

Less formal

The Paris conference is billed as "an opportunity to share ideas, experiences but also put forward concrete solutions which can be shared on a global scale".

Mr Blair's spokesman told the BBC it would be a moment for debating long-term questions.

More than ever, we should show that we can propose concrete solutions Nicholas SarkozyFrench President

The organisers say the event was not a parallel process to the G20 summit held in Washington last weekend.

Mr Blair's spokesman said: "This is an opportunity for a broader policy discussion on the important challenges, such as the environment, that our world will be facing in the coming 10 to 15 years".

Organisers hope the policy conference will allow "the new generation of political leaders to reflect on how they will tackle the major challenges of tomorrow" by bringing together both current senior policy-makers, heads of international institutions but also younger ministers and experts.

Mr Blair said the Paris summit would help to "define a new model of capitalism" and "reflect on the values that will help us adapt to globalisation."

Mr Sarkozy said the meeting was meant to be complementary to the Washington summit, though less formal.

He said: "We are living in a crucial period for our economies and our social organisations.

"More than ever, we should show that we can propose concrete solutions."

A follow-up to the G20 summit is scheduled in early 2009, tentatively in London, after Barack Obama begins his term as US President.