European Leaders Meet to Address Crisis
French President Nicolas Sarkozy said that he expects Sunday’s meeting of 15 European leaders to produce a united coordinated plan to battle the effects of the current financial crisis. Decisions made by leaders of Eurozone countries will be submitted to the 12 remaining European Union countries at a planned European Union summit Wednesday. Said French President Sarkozy, “I expect an ambitious, coordinated plan that brings solutions.” Currency markets have been in disarray but the US dollar is holding steady and many investors are flocking to the dollar for the safety and Forex opportunities it provides in times of crisis.
Coordinated Measures to Stabilize Markets
In a hopeful statement German Chancellor Angela Merkel said, “Our goal is to define a coordinated joint action for the Eurozone, so that we can in the coming days take national measures that stabilize the financial markets, but that also don’t discredit the individual member states.” Before the summit Sarkozy He met with British Prime Minister Gordon Brown. The partial nationalization of some British banks could serve as a model for Eurozone countries despite the fact that the UK does not use the Euro as currency.
