Sarkozy wants global financial summit

MARSEILLES, France, Sept. 29 (UPI) -- French President Nicolas Sarkozy said Monday there needs to be a global summit on the financial crisis.

The table for that meeting could be set next week when top European policymakers gather in Paris to go over the situation, The Financial Times reported. Sarkozy said officials from France, Germany, Italy and Britain would be joined by European Central Bank President Jean-Claude Trichet, European Commission President Jose Manuel Barroso and Jean-Claude Juncker, head of the European Union's finance ministers' group.

"We must not give in to the forces of destabilization," said Sarkozy, who attended a meeting of EU and Indian leaders in Marseilles. "We must support the banks. But there are structural problems. I confirm my call for a summit in coming weeks to establish the basis for a new international financial system."

The French president has been vague on the specific changes he envisions, the Times said, but has talked of the need to encourage entrepreneurs while putting a lid on harmful "financial speculation."