Word: summitted
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...demands it. Europe will get it." The "it" here is global financial reform, and evidently Sarkozy won't have to wait long. Just hours after their closed-door meeting had finished, Bush and Sarkozy, along with European Commission President Jose Manuel Barroso, issued a joint statement announcing that a summit would be held next month to devise what Barroso calls a "new global financial order...
...seems the East Coast might yet again be the backdrop for a massive overhaul of the world's financial playbook. U.N. Secretary-General Ban Ki-moon publicly backed calls for a summit before the new year, saying the agency's headquarters in New York - the very "symbol of multilateralism" - should play host. Sarkozy concurred, but for different reasons: "Insofar as the crisis began in New York," he said, "then the global solution must be found to this crisis in New York...
...French President's call for an overhaul of the world's financial system would cause eye-rolling and dyspepsia among the world's free market purists. But these are not normal times: on the weekend, U.S. President George W. Bush echoed Nicolas Sarkozy's push for an international summit to that end, and on Monday world markets seemed to endorse the initiative with a positive fillip. Though the specific goals, attendees, and even exact date and venue of such a meeting have yet to be determined, the mere agreement by U.S. and European leaders to update the Bretton Woods system...
...Alongside European Commission President José Manuel Barroso, Bush and Sarkozy called world leaders to join them at a monumental summit meeting in a U.S. city - probably at the United Nations in New York - shortly after the Nov. 4 U.S. presidential election. Following their huddle at Camp David Saturday, the trio issued a statement saying the extraordinary international congress would "review progress being made to address the current crisis and to seek agreement on principles of reform needed to avoid a repetition and assure global prosperity in the future...
...Still, markets were more inclined to take heart in the international summit agreement Sarkozy had obtained from Bush. Despite that advance, questions remain how much the U.S. and its free-market fans will the more invasive regulatory approach that Europe seems to favor. Even as they face dire economic crisis, Americans are quicker than Continentals to distrust perceived market "socialism." Indeed, even Bush and Sarkozy seemed to clash Saturday in how each weighed the virtues of regulation against the liberty of markets...