France suggests global economic government

The suggestion made by the French president, Nicholas Sarkozy – to convoke an international summit for the reforming of the financial system before the end of the year – was accepted by the G8 members, who voted in favor of a reunion on this theme, with the participation of more key-actors. „We are confident that, working together, we will reinstate the stability of our economies and the prosperity”, was the G8 answer, a White House release.

The presidents and prime ministers of the 17 EU states gathered on Wednesday in Brussels, in a summit dedicated to the financial crisis. The reunion comes after the markets remained tensed, despite the bailout plans approved by the Euro-zone members and the US.

In brief:

– In the opening, Poland Foreign Minister Radoslaw Sikorsky threatened to use his country’s veto right in case the European Union attempts to impose an agreement on the global warming measures during the following months.

– French president Sarkozy demanded his partners to support France in its attempt to call for an international summit dedicated to reforming the financial system. The location suggested by the official was „New York, the place where all this started”.

Sarkozy’s deputy secretary general, Francois Perol, explained the main aspects of the financial reform:

– Creating a better surveillance system for financial agents, based on financial collaboration of all institutions, on a global economic government and on a monetary cooperation between the main powers;

– Creating a global economic government, larger than G8, since two of the countries with the largest population are not included in G8 (India and China), as none of the African countries are. G8 currently includes Germany, Italy, France, UK, Canada, Japan, US and Russia.