Europe's four biggest economies have agreed to work together to address the current global financial turmoil but said they would not form a joint bail-out fund.
The leaders of Germany, Britain, Italy and France - which currently holds the EU's rotating presidency - made the announcement at the end of an emergency mini-summit in Paris. France had floated the idea of a 300-billion-euro European fund to rescue troubled banks, however German Chancellor Angela Merkel said EU states must take responsibility at a national level for the banking crisis. She said she did not want German taxpayers contributing to a common fund. British Prime Minister Gordon Brown said the EU's major banks were working to stabilise the situation. The summit Beckstein to step down ...
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(Deutsche Welle)
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