UN to host global financial reform summit in December

October 19th, 2008 - 12:03 am ICT by IANS  

Gordon BrownParis, Oct 18 (DPA) French President Nicolas Sarkozy and UN Secretary General Ban Ki-moon have agreed that the United Nations will host an international summit in December on reforming the global financial system, the French daily Le Figaro reported Saturday.It remains unclear who is to participate at the meeting, which Sarkozy and British Prime Minister Gordon Brown have said should be “a new Bretton Woods”.

In September, Sarkozy said that it was “necessary to rebuild the entire global financial and monetary system from the bottom up, the way it was done at Bretton Woods after World War II.”

That call was echoed by Brown at last week’s EU summit in Brussels.

In July 1944, an agreement was signed in Bretton Woods, New Hampshire, that established new rules for commercial and financial relations among the world’s major industrial states.

Sarkozy has said that he would like the G8 group of leading industrial nations, the large developing nations, such as China, India, Brazil and South Africa, and representatives from the Arab world to participate at such a summit.

Later Saturday, the French president and European Commission head Jose Manuel Barroso will meet with US President George W. Bush to get his agreement to take part at the summit.

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