EU Wants Major Decisions at Washington Summit

European Union leaders have expressed their expectations of major initiatives at a mid-November summit of the world's major economies to reform the international financial system.

The EU leaders have decided to ask next week's Washington summit to take measures within 100 days.

French President Nicolas Sarkozy, who chaired an informal summit of EU leaders, said the financial crisis required a quick deal on an overhaul at the upcoming world financial summit.

"Everyone agrees on the absolute necessity of coordinating economic policies in Europe. Coordination does not mean that everyone has to do the same thing because we are not all in the same situation, but what it means is that we should be moving in the same direction."

The EU is also calling for a second global summit next spring to flesh out changes to the way the world economy is governed.

On the reform of the international financial system, the EU leaders asked for regulation, transparency and risk analysis. They also demanded more powers to be granted to the International Monetary Fund so that it can play a central role in a more efficient international financial architecture.

British Prime Minister Gordon Brown said financial institutions established in the 1940s could not serve the purposes of the economic crises the world faces in 2008.

"I believe that when you have global markets and not national markets, global competition and not local competition, global flows of capital and not just regional flows of capital you need a different financial architecture to deal with these challenges."

The Washington summit will bring together the leaders of 20 industrial and developing economies, including the Group of Seven nations and countries such as China, Brazil and India.