EU Leaders Meet to Discuss Financial Crisis

French President Nicolas Sarkozy is hosting the leaders of German, Italy and Britain in what is being dubbed a mini-summit to discuss and create a course of action to stem the current financial crisis that has gripped the world economy.

Sarkozy has expressed a desire to reach an agreement where the leaders would intervene when European banks are facing collapse. The French leader will likely propose a plan to unfreeze credit to stimulate growth but a U.S.-style rescue plan is unlikely.

While France has made its intentions rather clear the rest of the European community has remained uncommitted to any direct response. Germany has already said it would not favor a co-ordinated bailout and Britain is unsure if a plan encompassing all of Europe is necessary.

There have been several who have criticized the meeting saying the four leaders have no authority to dictate how the rest of the European Union would respond.

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