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| Version 1 | Version 2 |
|---|---|
| EU leaders seek unity on downturn | EU leaders seek unity on downturn |
| (20 minutes later) | |
| Leaders from Europe's biggest economies are meeting in Berlin to try to find a joint position on the economic crisis. | Leaders from Europe's biggest economies are meeting in Berlin to try to find a joint position on the economic crisis. |
| The French, Italian, Spanish, Dutch, UK and German leaders are hoping to take a common approach at a world financial summit in London in six weeks' time. | The French, Italian, Spanish, Dutch, UK and German leaders are hoping to take a common approach at a world financial summit in London in six weeks' time. |
| But analysts say reaching agreement among EU powers will not be easy. | But analysts say reaching agreement among EU powers will not be easy. |
| Some members differ on new regulations for financial markets. There have also been disagreements over trade, with accusations of protectionism. | Some members differ on new regulations for financial markets. There have also been disagreements over trade, with accusations of protectionism. |
| According to German officials, European leaders have supported rules overseeing financial markets and hedge funds, news agencies report. | |
| Hedge funds, which typically attract wealthy private investors, have been criticised for their lack of transparency and oversight. | Hedge funds, which typically attract wealthy private investors, have been criticised for their lack of transparency and oversight. |
| Car sector | Car sector |
| The current Czech presidency of the EU, as well as and the European Commission, have voiced concern at attempts by France, Italy and Spain to shelter their car industries from the effects of the downturn. | The current Czech presidency of the EU, as well as and the European Commission, have voiced concern at attempts by France, Italy and Spain to shelter their car industries from the effects of the downturn. |
| Capitalism must be given new moral foundations Nicolas SarkozyFrench President Protectionist forces bedevil EU | Capitalism must be given new moral foundations Nicolas SarkozyFrench President Protectionist forces bedevil EU |
| The BBC's Rob Cameron in Berlin says Czech Prime Minister Mirek Topolanek - who is also in Berlin - will have a private meeting with French President Nicholas Sarkozy, following a very public row between the two countries. | The BBC's Rob Cameron in Berlin says Czech Prime Minister Mirek Topolanek - who is also in Berlin - will have a private meeting with French President Nicholas Sarkozy, following a very public row between the two countries. |
| Mr Sarkozy has suggested that in order to secure government aid, French carmakers should move production out of their East European factories and back to France. | Mr Sarkozy has suggested that in order to secure government aid, French carmakers should move production out of their East European factories and back to France. |
| Such disagreements are threatening to prevent Europe speaking with one voice, our correspondent adds. | Such disagreements are threatening to prevent Europe speaking with one voice, our correspondent adds. |
| Rewriting the rules | Rewriting the rules |
| Ahead of the Berlin meeting German Chancellor Angela Merkel renewed her calls for tighter oversight of financial markets. | Ahead of the Berlin meeting German Chancellor Angela Merkel renewed her calls for tighter oversight of financial markets. |
| The recession has hit the car industry particularly hard | The recession has hit the car industry particularly hard |
| There should be no more gaps in international controls, she said on Saturday. | There should be no more gaps in international controls, she said on Saturday. |
| Germany's finance ministry is pushing for stricter rules for hedge funds and better rating systems to avoid future meltdowns. | Germany's finance ministry is pushing for stricter rules for hedge funds and better rating systems to avoid future meltdowns. |
| However some members - such as Britain - are less keen on a radical tightening of regulations, correspondents say. | However some members - such as Britain - are less keen on a radical tightening of regulations, correspondents say. |
| Mr Sarkozy stressed he would not accept "a weak compromise, a cheap fix" in establishing the European position. | Mr Sarkozy stressed he would not accept "a weak compromise, a cheap fix" in establishing the European position. |
| "Capitalism must be given new moral foundations," he said. | "Capitalism must be given new moral foundations," he said. |
| The agenda of the Berlin summit also includes strengthening international accounting standards, reform of the IMF and other financial institutions, as well as moves to restrict executive pay. | The agenda of the Berlin summit also includes strengthening international accounting standards, reform of the IMF and other financial institutions, as well as moves to restrict executive pay. |
| The London meeting in April will bring together leaders of the G20 group of major developed and developing economies, in an effort to rewrite the rules of the global financial system. | The London meeting in April will bring together leaders of the G20 group of major developed and developing economies, in an effort to rewrite the rules of the global financial system. |