Word: summits
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...economies developed and globalized. As part of that evolution, financial trading began spanning borders and generating previously unimaginable transactions through highly-leveraged and complex derivatives - all within a virtually unregulated atmosphere that national governments couldn't manage to police. Sarkozy and his European partners hope that the Nov. 15 summit can come up with a scheme of common rules governing global finance - with the IMF possibly acting as the world regulator. Not everyone is optimistic that will happen...
Convincing George W. Bush to host a global summit on reforming the world's crisis-stricken financial system, set for Nov. 15, was the easy part. But now French President Nicolas Sarkozy and other like-minded leaders have to get Washington's free-market advocates to subscribe to what they consider a vital regimen of new regulations. Despite the scary lessons of the last two months, that is almost certain to prove considerably more difficult...
...Sarkozy set high expectations for the summit by calling for the "moralization of financial markets" and a wider push to "re-found the capitalist system." When he and Bush announced the agreement for the summit, the French President envisioned a new regime to prevent "those who have led us to where we are today from being allowed to do so once again." Bush's emphasis was elsewhere: he talked of common rules to "preserve the foundations of democratic capitalism, (and) the commitment to free markets, free enterprise and free trade." So which will...
...Even Elysée officials say it's impossible to know what a congress of nearly 20 national leaders will yield. "The fact that President Bush agreed to the summit is, in our view, a very significant development in itself," says Sarkozy spokesman Franck Louvrier. "As to exactly what will happen, it's too soon to know." So much for Sarkozy's swagger in insisting on major revision to aspects of the 1944 Bretton Woods treaty."Europe wants it," he said. "Europe demands it. Europe will get it." But observers suggest what emerges may not be exactly what Europe...
...basic framework of the world's financial system, it's probably not the best of times for the International Monetary Fund (IMF) to be mired in internal scandal. Yet even as French President Nicolas Sarkozy got the backing of U.S. President George W. Bush Saturday to organize a summit to reform the international financial rules that the IMF oversees, the world discovered that the organization's French managing director, Dominique Strauss-Kahn, is being investigated for possible abuses of power. The findings of that inquiry - expected later this week - will not only shape the IMF's ability to navigate...