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EU's financial reform plan

• Mark Mardell
• 8 Nov 08, 08:12 AM

"You make it sound as if France is trying to take over," chuckled the French President, as the Commission president made a joke about speaking in a minority language, English.

But there seems to be a pattern here. People wonder why on earth the hyper President has called yet another special summit, and then have to agree that something at least has been agreed.

The 27 leaders have signed up to a detailed plan on reform of world financial rules which they will take to Washington (I was wrong - there was a text issued at the end of the meeting).

The EU is calling for:

Rating agencies to submit to registration

No institution or territory to escape regulation

New codes of conduct to avoid excessive risk taking

More responsibility for the IMF.

The 100 days after the summit should be used to come up with some concrete new rules.

President Sarkozy said: "We mustn't seem rigid or aggressive, but Europe, get used to this new idea, is speaking with one voice - that's the way its going to be."

Despite speaking with one voice, President Sarkozy said he understood the annoyance of Spain, the world's 8th largest economy, and the Netherlands, the 16th, being excluded from the meeting of what is meant to be the world's 20 largest economies. As you do with parties, he's having a word with the host, George W.

Lets hope the current US president wasn't listening to Mr Sarkoy's lavish praise for the President elect.

"The American people have made their choice, open, generous America has spoken. We love America when it can live up to the dreams it inspires. What do we expect from President Obama ? To help us create a fairer world. "

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