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EU Leaders To Mull Market Crisis Response In London-AFP

Monday, January 28, 2008

Germany: EU Leaders To Mull Market Crisis Response In London-AFP

BERLIN (AFP)--Leaders of Germany, the U.K., France and Italy will search for ways to deal rapidly with global market turmoil when they meet in London, a German official said on Monday.

"They will have a wide-ranging exchange of ideas on how they can agree more rapidly on a common path of action," chief German government spokesman Ulrich Wilhelm told a press briefing.

"They will look at expanding international cooperation further," Wilhelm added, while adding that the four leaders were unlikely to make specific decisions.

He said Tuesday's meeting would also look at how greater transparency can be brought to global markets in the wake of the U.S. subprime mortgage market that reverberated through European financial institutions.

Merkel's long-standing concern over a lack of market transparency was echoed at the weekend by U.K. Prime Minister Gordon Brown who blamed much of the current market upheaval on "a deficit of transparency."

The E.U. leaders were also expected to mull the role of banks in the world economy, an issue pushed to the fore last week by massive losses allegedly caused by a trader at the French bank Societe Generale (13080.FR).

The London meeting is also to be attended by European Commission President Jose Manuel Barroso.

Posted by MOHAMED SAID at 5:35 AM  

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