EU leaders met in Brussels on Friday to coordinate their positions for an upcoming financial summit in Washington. They agreed on a blueprint to reform the global financial system.
French President Nicolas Sarkozy, whose country holds the rotating EU presidency, says the EU member states agree that firm ambitious and operational decisions need to be taken at the Washington summit.
French President Nicolas Sarkozy said, "We should coordinate our economic policies as we have coordinate our financial policies and that is what the 27 member states want, that is the decision which we have taken today."
Sarkozy says EU leaders also asked the European Commission to prepare an economic strategy, which will be discussed at a formal EU summit in December.
The commission had said it will unveil a package of proposals to stimulate the European economy later this month.
European Commission President Jose Manuel Barroso says EU leaders agree the 27-nation bloc should look beyond the financial crisis to an economic crisis.
The EU blueprint to reform the international financial system contains four points. They want all-inclusive financial regulation, with no exception for rating agencies, geared funds and offshore financial centers. The new international financial system must be based on principles of accountability and transparency. The new system must also allow risks to be assessed so as to prevent crises. And, finally, the IMF take the central role in a more efficient financial architecture, tasked to prevent financial crisis.
The EU also proposes a global summit after one hundred days to assess the implementation of the initial measures and come up with new ones.
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