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| Version 2 | Version 3 |
|---|---|
| EU leaders call for transparency | EU leaders call for transparency |
| (29 minutes later) | |
| The leaders of Europe's biggest economies have called on financial institutions to improve transparency in all their activities. | The leaders of Europe's biggest economies have called on financial institutions to improve transparency in all their activities. |
| UK Prime Minister Gordon Brown met his French, German and Italian counterparts at Downing Street to discuss the recent global market turmoil. | |
| The leaders also called on the IMF and other bodies to monitor risks better. | The leaders also called on the IMF and other bodies to monitor risks better. |
| If the finance industry did not address their concerns, they said they would consider imposing regulatory measures. | |
| "We need a better early warning system for the global economy," Mr Brown told reporters. | "We need a better early warning system for the global economy," Mr Brown told reporters. |
| "We want the prompt and full disclosure of the write-offs that are now to take place as soon as possible; I think these are the immediate things people want to be done," Mr Brown said. | "We want the prompt and full disclosure of the write-offs that are now to take place as soon as possible; I think these are the immediate things people want to be done," Mr Brown said. |
| We want the kind of capitalism that promotes entrepreneurship not speculation French President Nicolas Sarkozy | |
| Banks have been reporting massive losses related to risky investments in the ailing US housing market. | |
| Mr Brown said credit rating agencies, that assess the risks of financial instruments, needed to increase investors' understanding of complex products. | |
| Rapid action | Rapid action |
| Mr Brown met German Chancellor Angela Merkel, French President Nicolas Sarkozy and Italian Prime Minister Romano Prodi. | Mr Brown met German Chancellor Angela Merkel, French President Nicolas Sarkozy and Italian Prime Minister Romano Prodi. |
| "We want the kind of capitalism that promotes entrepreneurship not speculation," said Mr Sarkozy afterwards. | "We want the kind of capitalism that promotes entrepreneurship not speculation," said Mr Sarkozy afterwards. |
| "We can't let this lack of transparency jeopardise growth." | |
| European Commission President Jose Manuel Barroso also attended the discussion. | European Commission President Jose Manuel Barroso also attended the discussion. |
| The leaders said in a statement that if financial institutions did not rapidly address their concerns, they were ready to introduce rules and regulations as an alternative to "market-led solutions". | The leaders said in a statement that if financial institutions did not rapidly address their concerns, they were ready to introduce rules and regulations as an alternative to "market-led solutions". |
| Ms Merkel said that the lack of openness about the activities of some financial institutions had eroded trust and could led to a rise in protectionism. | |
| "We need to have more transparency on the valuation of these new, very complex financial instruments," said Ms Merkel. | "We need to have more transparency on the valuation of these new, very complex financial instruments," said Ms Merkel. |
| Cooperation key | Cooperation key |
| Earlier on Tuesday, Chancellor Alistair Darling told BBC News that cooperation was key to preventing an economic slowdown intensifying. | Earlier on Tuesday, Chancellor Alistair Darling told BBC News that cooperation was key to preventing an economic slowdown intensifying. |
| "With the combination of the right regulatory response and the right economic response, I am confident that we will get through these difficulties and will continue to see growth." | "With the combination of the right regulatory response and the right economic response, I am confident that we will get through these difficulties and will continue to see growth." |
| Consumer confidence is deteriorating across Europe as stock markets plummet and the Societe Generale rogue trader scandal makes headlines. | Consumer confidence is deteriorating across Europe as stock markets plummet and the Societe Generale rogue trader scandal makes headlines. |
| And the US economy, a major destination for European exports, could be headed for a recession, some economists say. | And the US economy, a major destination for European exports, could be headed for a recession, some economists say. |
| The talks come before finance chiefs from G8 nations meet in Japan in February. | The talks come before finance chiefs from G8 nations meet in Japan in February. |