U.S. to Host First in Series of Financial Reform Summits

The United States will host the first of a series of meetings to discuss reforms and solutions to the financial market crisis, according to a joint statement from U.S. President George W. Bush, French President Nicolas Sarkozy and European Commission President José Manuel Barroso on Saturday.

"The three leaders had a very positive discussion about the continued coordination of steps needed to solve the crisis in today's global economy," according to a press release from the U.S. president's office. "They agreed they would reach out to other world leaders next week with the idea of beginning a series of summits on addressing the challenges facing the global economy."

The news follows calls by Sarkozy to revamp the 1944 Bretton Woods agreements, where the current financial architecture was established with the creation of the IMF and the World Bank.

The first meeting will take place shortly after the U.S. presidential elections on Nov. 4, and additional discussions will be based on the principles agreed to in the first round of talks.

By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2008