EU leaders meet for special summit to tackle financial crisis

Special Report:Global Financial Crisis

Czech Prime Minister Mirek Topolanek, whose country currently holds the rotating EU presidency, wait at EU headquarters prior to the special summit in Brussels, capital of Belgium, March 1, 2009. The European Union leaders held a special summit focusing on economic recession on Sunday.(Chinese media/Wu Wei)
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BRUSSELS, March 1 (Chinese media) -- European Union leaders

met here on Sunday for an emergency summit to deal with the economic crisis,

which has jeopardized open trade within the 27-nation bloc and solidarity

between its rich and poor members, the core of EU policies.

The summit, called by Czech Prime Minister Mirek

Topolanek as his country holds the current EU presidency, is meant to forge a

united European position before the summit of leaders from the G-20 group of

leading economies scheduled for April 2 in London.

It is also designed to form solidarity within the

bloc in fighting the economic crisis.

Greek Prime Minister Costas Karamanlis

shakes hands with European Commission President Jose Manuel Barroso (R)

ahead of a EU leaders summit in Brussels March 1, 2009.

(Chinese media/Reuters Photo)
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"All efforts and measures to fight the economic

crisis within the EU must respect the principle of solidarity, but they also

require that all players show responsibility," said Topolanek in a statement

before the summit.

"Europe will only overcome the crisis if we act

together in a coordinated way and if we abide by the Community rules," he said.

He stressed that a united internal market was of

vital importance.

"We must make the most of the opportunities offered

by the internal market we must make it the driving force of recovery, promoting

economic growth and employment," he said.

Austrian Chancellor Werner Faymann

arrives at EU headquarters prior to the special summit in Brussels,

capital of Belgium March 1, 2009. The European Union leaders held a

special summit focusing on economic recession on Sunday.(Chinese media/Wu Wei)


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The special summit comes as protectionism looms large

within the Union resulted from the worst economic crisis in decades.

"European integrity and solidarity are now undergoing

a severe trial," Topolanek wrote in Friday's Financial Times. "A system of

subsidies and illegitimate loans will not bear the much-desired fruit, but

rather grapes of wrath."

The Czechs have been particularly incensed by French

plans to offer public aid to carmakers Renault and Peugeot-Citroen on condition

that they commit not to laying off French workers -- a condition seen as

threatening jobs of workers in factories owned by the French automakers in

Eastern Europe.

France's President Nicolas Sarkozy wipes

his nose as he arrives for an emergency European Union leaders summit in

Brussels March 1, 2009.(Chinese media/Reuters Photo)
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French President Nicolas Sarkozy added to easterners'

concern with recent televised comments that appeared to directly criticize the

French companies for investing in the Czech Republic and other nations where

costs are lower than in France.

Topolanek hopes the summit will restate governments'

commitmentsto core values including the single European market and economic

solidarity.

Leaders are also expected to consider practical measures such as increased financial sector regulation and common standards for dealing with "toxic" bank assets, although firm decision are unlikely until the bloc's next regular summit on March 19-20.

EU leaders hold crisis talks as

concern mounts over Eastern European economies



BRUSSELS, Feb. 28 (Chinese media) -- European Union

leaders meet Sunday for emergency talks as the economic crisis places strains on

two key tenants of EU policy -- open trade within the 27 nationbloc and

solidarity between its rich and poor members.

The summit was called by Czech Prime Minister Mirek

Topolanek, whose country's debut EU presidency comes as the bloc struggles to

cope with the worst economic crisis in decades. The afternoon meeting is

designed to forge a united European position ahead of the summit of leaders from

the G-20 group of leading economic powers scheduled for April 2 in London. Full story

Hungary's Prime Minister Ferenc Gyurcsany briefs media ahead of an emergency European Union leaders summit in Brussels March 1, 2009.(Chinese media/Reuters Photo)
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