Euro area looks to UK for bank rescue blueprint

Euro area looks to UK for bank rescue blueprint[ fr ][ de ] Published: Monday 13 October 2008 The fifteen euro area countries have outlined a common strategy to inject fresh capital into their ailing banking sectors in a move which broadly replicated a blueprint presented last week by UK Prime Minister Gordon Brown. Meeting at an emergency summit in Paris on Sunday (12 October), the fifteen leaders devised a "concerted European action plan of the euro area countries," listing a series of "principles" to rescue their financial sector in a week that saw European stocks plummet by more than 20%. The move was presented as a contribution to "a common European approach" ahead of a summit of all 27 EU countries on 15-16 October in Brussels that will seek to adopt "a mechanism to improve crisis management between European countries".... [read full story]