EU leaders will meet later today to discuss reforming the world financial system ahead of a global summit next week.
Large countries are preparing to meet for talks in Washington next week, while smaller EU nations can put their concerns forward today.
Nicolas Sarkozy, president of France, says the summit in Washington should be a ‘new Bretton Woods’.
The Bretton Woods Agreement was a 1944 pact which created the World Bank, International Monetary Fund and the rules of global finance.
Many believe the rules set out at Bretton Woods - originally designed to prevent a recurrence of the 1930’s Great Depression - are outdated and ineffective as the world enters a harsh recession.
However, other nations are worried a rush to regulate the financial system might strangle economic growth and innovation.
France is demanding a 100-day time limit for action and hopes the EU will support its call.
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