HISTORIC PRESS RELEASE : PM and Sarkozy hold finance talks [October 2008]

The press release issued by 10 Downing Street on 28 October 2008.

The Prime Minister and French President Nicolas Sarkozy have held talks in Paris on the global financial crisis and proposals to be carried forward to November’s international summit in Washington.

Speaking to journalists ahead of the talks, the PM identified four key priorities for the EU and the wider international community: preventing the crisis from spreading from country to country, particularly in eastern Europe; kick-starting bank lending to businesses and homeowners; tackling the economic downturn; and reforming the international finance system.

The insecurities currently being felt by people across the world needed to be addressed through Government action and international cooperation, he said.

President Sarkozy said that the international dialogue should cover not only issues such as liquidity but should also address world governance as a whole, while the IMF should be given greater means to support states in economic difficulty. The EU, for example, could raise its available funds from €12 to €20 billion, he said.