European leaders are set to try to cobble together a response to the global financial crisis at a mini-summit in Paris.
French President Nicolas Sarkozy, whose country currently holds the European Union's rotating presidency, will host the meeting with leaders of Germany, Britain and Italy. Germany has rejected an idea floated by France for a 300-billion-euro European fund to shore up troubled banks. Both Germany and Britain have been reluctant to commit taxpayers' money to a Europe-managed fund. They instead advocate a case-by-case approach to rescuing financial institutions. European leaders hope to forge a common position on how to tackle the financial storm sparked by the US banking crisis, before the Group of Eight meeting of finance ministers in Washington next week.
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