European leaders meet in London later Tuesday to consider ways of dealing with the current international economic slowdown, including ways to prevent future turmoil.
Britain's Prime Minister Gordon Brown is hosting French President Nicholas Sarkozy, German Chancellor Angela Merkel, Italian Prime Minister Romano Prodi, and European Union Commission President Jose Manuel Barroso.
European leaders plan to discuss the need for greater transparency and disclosure by financial institutions, including banks and credit rating agencies. They will also consider increased economic information-sharing among various countries and enhancing the role of the International Monetary Fund, IMF, to assess and warn about future economic strife.
The international economy is feeling the effects of the collapse of the U.S. subprime mortgage market, a slump in global stock markets, the near collapse of Britain's Northern Rock Bank, and a multi-billion dollar trading scandal in France.
Source: By VOA News
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