EU Aims To Revamp Postwar Financial System

Law360, New York (October 16, 2008, 12:00 AM EDT) -- With a global recession looking more and more likely, European Union leaders are calling for a renovation of the worldwide financial system in hopes of avoiding another massive credit crunch that forces governments to step into the fray.

EU leaders have convened for a summit in Brussels, trying to figure out how best to address the financial crisis that has shaken the economic foundations and led to the largest stock sell-off since the Great Depression.

“The EU pledges to take the necessary steps to react to...
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