Click to play videoNew Delhi: Following the financial crisis at Wall Street, the European Union leaders on Saturday, pledged to work together to ease financial worries.
Each country has decide to save its banks from being singed on the tumbles in the global markets, by working under the EU cover, in a co-ordinated way.
At the hastily convened mini-summit in Paris, the EU superpowers vowed to keep their banks afloat amid the increasingly global financial crisis. But before the summit ended, they could not agree on a common Europe-wide strategy.
UK Prime Minister Gordon Brown said European leaders are to look at an upfront release of money to help small firms cope with the global financial crisis.
This decision comes after the leaders of France, Britain, Germany and Italy staged a mini-summit in Paris on world problems.
Countries across the globe have been trying to ensure that their banks and businesses are insulated against the financial mayhem that snowballed out of Wall Street. The European leaders too were looking at similar strategies to fend off worries.
The leaders who met Saturday were French President Nicholas Sarkozy, British Prime Minister Gordon Brown, German Chancellor Angela Merkel and Italian Prime Minister Silvio Berlusconi.
The delegates tried to minimize differences between member countries of the EU.
Delegates looked at how they could encourage confidence by strengthening co-operation within Europe. The summit agreed that working together was crucial to beating the credit crunch which saw the financial world literally on the edge.
Governments across Europe have intervened to save five banks within the past week.
But in one of those deals, a bid to rescue one of Germany's biggest property lenders, Hypo Real Estate, collapsed on Saturday. The country’s commercial banks withdrew their support of the plan.
The emergency summit among Europe's big four was an attempt to allay some of the fears sweeping the continent.
The misadventures of large banks and corporate firms on the Wall Street have shocked members of financial institutions and individual investors alike.
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