From Howell: On Saturday, Europe's leaders came together to acknowledge the vast impact of America's financial crisis on the world. The leaders of France, Germany, Britain and Italy gathered in Paris to address this issue. Although the leaders could not come to a decision on what to do about the problem, they all agreed not to create something like the US's $700 Billion bail-out plan.
Nicolas Sarkozy, the president of France, stated that the leaders, "are fully aware of the weight that is on [their] shoulders," and that it is time to "“literally to rebuild the foundations of the financial systems.”
This economic challenge comes on top of the problem that is already striking the region: the lack of consistency of each country's budget and bank regulations. The overall goal of this meeting was to rewrite some of Europe's accounting rules and to prevent a bankruptcy the size of ours.
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