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BRUSSELS: European leaders are pressing for an overhaul of global financial structures, following the devastation of financial markets last week.
Meeting in Brussels on Wednesday after joining hands to bail out troubled banks with billions of dollars, leaders will be looking for ways to find a permanent solution to the problem.
British PM Gordon Brown is man of the hour at the two-day summit of EU leaders where he was warmly welcomed by European Commission President Jose Manuel Barroso.
The UK plan to tackle the financial crisis prompted an EU-wide response widely seen as having saved the day.
Gordon Brown said the EU's action had brought liquidity into the system and the recapitalisation of banks would make them stronger.
EU leaders are taking a hard look at the long-term economic fallout.
Gordon Brown said the EU really now needed to work together on stage two - the complete overhaul of the financial system.
He called for the rebuilding of the IMF and he said that 10 or 20 years ago, what we had was national economies. Now we need global transparency and global supervision.
Analysts say the real challenge for the EU is to move things forward. - CNA/vm
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