Sarkozy urges EU members to play by rules

French President Nicolas Sarkozy urged European governments 3 October 2008 to avoid causing any 'undesirable impact' on their partners and to abide by EU law when rescuing banks or stabilising the financial system. The French president’s plea, in a letter to EU governments ahead of a summit in Paris on the 4 October 2008, was seen as a shot across Ireland’s bows after it unilaterally guaranteed all bank debts ealier in the week.

The Summit brought together the Heads of State and Government of Germany, Italy, the United Kingdom and France, as well as the Prime Minister of Luxembourg, President of Eurogroup, the President of the European Commission and the President of the European Central Bank. The Summit’s formal purpose was to prepare the G8 European members’ contribution to the forum’s forthcoming meetings on the international financial crisis.

France: EU Presidency, 3.10.08: Letter from President Nicolas Sarkozy to the members of the European Council, 3 October 2008 http://www.eu2008.fr/PFUE/lang/en/accueil/PFUE-10_2008/PFUE-03.10.2008/Lettre_President.html

EurActiv, 3.10.08: Mini-summit to seek joint EU response to crisis http://www.euractiv.com/en/euro/mini-summit-seek-joint-eu-response-crisis/article-175994

Radio Netherlands Worldwide, 4.10.08: Banking on a truly European approach? http://www.rnw.nl/english

BBC News, 3.10.08: EU leaders to discuss bank crisis http://news.bbc.co.uk/1/hi/business/7648249.stm

ESO: Background information: EU ‘should avoid common bail-out fund’ / Sarkozy recoils from EU-wide €300bn bail-out http://www.europeansources.info/record/eu-should-avoid-common-bail-out-fund-sarkozy-recoils-from-eu-wide-e300bn-bail-out/

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