HISTORIC PRESS RELEASE : Gordon Brown and Merkel expect “comprehensive action” [October 2008]
The press release issued by 10 Downing Street on 30 October 2008.
The Prime Minister and German Chancellor Angela Merkel have stressed the importance of creating a common set of EU measures to deal with the financial crisis and to ensure “comprehensive action” is taken following the global summit scheduled for 15 November.
Speaking to journalists at a Downing Street press conference, the PM said that the UK and Germany agreed that a coordinated response to the credit crunch should focus on reform, containment and help for families and businesses.
Mr Brown and Ms Merkel highlighted changes to the International Monetary Fund, the building of greater global market supervision and transparency an dimproved cross-border cooperation intimes of crisis as key areas of reform.
On halting the spread of the current crisis, Chancellor Merkel backed the PM’s call for additional reserves to be made available for an IMF package aimed at helping states in economic difficulty.
Mr Brown added that it was vital to get banks lending once more to families and businesses “on normal terms”. He welcomed a decision by the European Investment Bank to make £4 billion in loans available to UK enterprises.
European leaders will meet in Brussels a week tomorrow to hold final talks in preparation for the special global summit to be hosted by President Bush on 15 November.
