EU summit considers global financial reform

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the rules set out at Bretton Woods - originally designed to prevent a recurrence of the 1930’s Great Depression - are outdated and ineffective as the world enters a harsh recession.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...