Financial crisis talks head to US

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French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso have been invited to Camp David by US President George Bush to talk about plans for an international financial crisis conference expected to take place in New York next month.

The Camp David visit was announced during a Brussels EU summit which committed the 27 leaders to tighten European banking supervision, and crack down on executive pay packages which reward failure as well as success.

The final summit declaration said the EU had to work with its international partners on "genuine, all-encompassing" reform of the global financial system.

Prime Minister Gordon Brown, hailed as a hero for setting the benchmark for credible government bail-out schemes across Europe, emerged from the talks saying the next stage was sweeping long-term financial reforms based on five principles: transparency, sound banking, responsibility, integrity, and global governance.

Mr Brown said the forthcoming talks, built around the G8 group of most industrialised countries, would have to create an "early warning system" to anticipate future financial downturns, coupled with comprehensive financial supervision and monitoring systems designed for a global economy.

Mr Brown said it would be a "Bretton Woods"-style gathering - a reference to the 1944 meeting which set a post-war financial order, including setting up the International Monetary Fund.

Europe's crisis response began with emergency talks in Paris between the four EU countries who are part of the G8 - France, the UK, Germany and Italy. Then the EU's 27 finance ministers met in Luxembourg to produce a declaration designed to calm markets.

Next came last Sunday's meeting in Paris of the leaders of the 15 EU single currency countries - plus Mr Brown, whose template for bailing out struggling UK banks was seized upon as the best available plan.

At the EU summit in Brussels, the Prime Minister shrugged off the praise and insisted no one leader could resolve the current crisis and Europe had to pull together.