Sarkozy welcomes Bush`s idea to call intl summit on fin crisis

Washington, Oct 19 (PTI) French President Nicolas
Sarkozy welcomed the U.S. President George W. Bush's idea to
hold an international summit of not only advanced nations but
emerging powers like India and China to find a solution to the
global economic crisis.

"The time is of the essence for world leaders to put
their heads together to find a way out of the global financial
tumult. We must make haste because we must stabilise the
marketplace as swiftly as possible by coming up with answers,"
President Sarkozy said at Camp David.

President Sarkozy, representing the European Union,
and President Jose Manuel Barroso, representing the European
Commission, met the U.S. president at Camp David Saturday
evening at dinner and discussed the global financial crisis.

"We believe in the capacity and the ability of the
American people to come up with the answers the world is
waiting for, is expecting, because this sort of capitalism is
a betrayal of the sort of capitalism we believe in," he said.

Sarkozy and Barosso happens to be in 'neighbourhood' -
in Canada - when an invitation was apparently extended by the
White House to drop by the Presidential Mountain Retreat in
the State of Maryland.

And that is the reason why, with President Barroso,we
have come to make Europe's voice heard. And next week, we will
be chairing the Europe-Asia summit and get across the same
message. In today's world, this world of ours, we cannot leave
anyone out -- anyone out of the global worldwide solution that
we need to this crisis, French President added.

"Thank you for using your term of office right up until
the very end to help the world find the answers to a crisis
that we must contain. We must not give way to fatalism," he
said.

In his welcome address President Bush outlined the
steps his administration has taken to come to terms with the
crisis and agreed that an International Meeting will take
place, but he left the exact timing and the venue to be
announced later as also who would be invited for the occasion.

"G8 leaders issued a statement this week expressing
support for an international meeting on the financial crisis.
I have been in touch with Prime Minister Aso of Japan, who
happens to be the President of the G8. I look forward to
hosting this meeting in the near future. Both developed and
developing nations will be represented," Bush said.

"For this meeting to be a success, we must welcome
good ideas from around the world. So I am looking forward to
hearing from President Sarkozy and President Barroso this
afternoon, and from other leaders in the days ahead. And of
course I will share my ideas, as well," President Bush said.

"As we make the regulatory and institutional changes
necessary to avoid a repeat of this crisis, it is essential
that we preserve the foundations of democratic capitalism -- a
commitment to free markets, free enterprise, and free trade.

"We must resist the dangerous temptation of economic
isolationism and continue the policies of open markets that
have lifted standards of living and helped millions of people
escape poverty around the world," Bush said.

"This is a trying time for all our nations. I am
confident that we will overcome the challenges we face. With
determination and focused action, we will weather this
crisis, return our economies to the path of prosperity and
long-term growth," Bush added.

Sarkozy termed the crisis "a worldwide crisis" and
stressed on the need to "find a worldwide solution."

"Each region of the world, to begin with the U.S. and
then the European countries and now Asia, are trying to find
an answer to the crisis, but this answer will be all the more
effective insofar as we find it together, we speak with one
and the same voice, and we build together the capitalism of
the future," Sarkozy said.

"And we believe that insofar as the crisis began in
New York, then the global solution must be found to this
crisis in New York -- all of us putting our heads together, we
must look on the fundamental rules that will apply to this
21st century of ours. We live in the 21st century, but we
continue to apply 20th century rules," he said.

Sarkozy said that hedge funds cannot continue operating
as they have in the past; tax havens, neither; financial
institutions that were under no supervisory control -- was no
longer acceptable, and no longer possible.

"Together, among friends, among allies, we must be
able to say to the world that we are determined to find a
solution together, to find answers together," Sarkozy said.

European Commission President Barroso stressed on the
need for a new global financial order and reforms in
international financial system.

"The international financial system, its basic
principles and regulations and its institutions need reform.
We need a new global financial order.

"Together, the European Union and the U.S., we can
make a difference. We should show the way towards an
international response to the financial crisis and contribute
to global growth," Barroso said, adding Europe was taking
"decisive" action.

"Our 27-member states and European Union institutions
have worked and have agreed this week on a common framework
for directions to deal with the financial crisis, he added.