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EU summit focuses on financial crisis, climate change
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Heads of state and government from 27 European Union countries concluded in Brussels on Thursday their two-day summit after demonstrating "unanimous" support to a concerted action plan adopted by their eurozone members to fight the current financial turmoil.

Europen Union leaders pose for a group photo during a European Union leaders summit in Brussels October 15, 2008. EU nations are set on Wednesday to back calls for a root-and-branch overhaul of the world's financial structures in a bid to ensure no repeat of the worst credit crisis since the 1930s Great Depression. [Xinhua/Reuters Photo] 

In joint conclusions out of the summit, which focused on the financial crisis, EU leaders said they welcome the concerted action plan of the euro area countries.

"On the financial crisis, I can confirm with you all the information that we have given you. That was a subject of unanimity," French President Nicolas Sarkozy, whose country holds the EU rotating presidency, told reporters after a two-day summit with his EU counterparts.

Leaders from the 15 EU countries that use the euro hammered out an action plan in a joint response to the unfolding financial crisis at their first ever summit in Paris Sunday.

Among those agreed measures, eurozone governments would, acting on national basis, buy into banks to boost their finances and temporarily guarantee bank refinancing to ease the credit crunch, which was modeled after the British bailout package.

The summit called for a revamp of the global financial system to prevent the recurrence of the current financial crisis, pushing for a global summit by the end of this year, French President Nicolas Sarkozy, who is also current EU President.

He said he would invite U.S. President George W. Bush to the summit this weekend and would also invite leaders of the emerging economies, such as China and India, to take part in the refounding the world financial system.

"We all agree in Europe that we are going to need to re-found the international financial system," Sarkozy told reporters.

No financial institutions should be exempted from supervision, he said.

On relations with Russia and EU eastern neighbors, the summit welcomed the withdrawal of Russian troops from Georgia under an EU- brokered ceasefire agreement with Georgia.

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