Bush plans to host world powers at economic summit

DEB RIECHMANN
Associated Press
October 19, 2008

CAMP DAVID, Md. – President Bush, looking for answers to an economic emergency with just three months left in office will host an international summit to discuss ways to fix the world financial system but warned on saturday against reforms that threaten capitalism.

• A d v e r t i s e m e n t

“We will work to strengthen and modernize our nations’ financial systems so we can help ensure that this crisis doesn’t happen again,” Bush said at the Camp David presidential retreat.

Bush, meeting with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, did not announce a date or site for the summit. But Sarkozy suggested it be held in the shadow of Wall Street before the end of November.

“Insofar as the crisis began in New York, then the global solution must be found to this crisis in New York,” Sarkozy said.

Bush has backed the steps European nations have taken to fix the financial markets and is willing to listen to a range of ideas from both developed and developing nations, but he hasn’t signed on to the more ambitious, broad-stroke reforms that some European leaders have in mind to avoid a repeat of the market crisis that rippled around the globe.

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