G8 to hold summit on global meltdown

G-8 to hold summit on global meltdown

The G-8 countries (US, Japan, Germany, France, Britain, Italy, Canada and Russia ) decided to hold a global summit as early as November in New York to draw up common action plan to prevent another economic crisis.

Britain called for radical restructuring of international institutions like the International Monetary Fund and World Bank. French President Nicolas Sarkozy demanded that the summit should lead toward a new capitalism. He said that India and China should also be invited to the summit.

The G-8 leaders said in a joint statement released by the White House that they were united in their commitment to change the regulation of the world’s financial sector to remedy deficiencies exposed by the current crisis.