French President Nicolas Sarkozy is hosting a mini-summit in Paris at which he hopes a common European approach to the world financial crisis will emerge.
Mr Sarkozy will be joined by the leaders of Britain, Germany, and Italy.
He is expected to propose better co-ordination between EU governments ahead of next week's G8 meeting in the US.
France wants countries to agree to intervene where necessary to protect European banks, but has denied reports of plans for a US-style rescue plan.
French Prime Minister Francois Fillon - describing the world as being "on the edge of the abyss" - said France would propose measures to unfreeze credit and co-ordinate economic strategies.
The BBC's Alasdair Sandford, in Paris, says one source is quoted as saying there may be a call for greater co-ordination of deposit guarantee schemes.
But he adds that after the recent divisions, it is far from clear what will emerge.
European Central Bank chief Jean-Claude Trichet and the chairman of the eurozone group of finance ministers, Jean-Claude Juncker, will also attend the four-hour meeting.
Germany and UK sceptical
Germany has made its opposition to any co-ordinated European bail-out plan known ahead of the meeting.
UK Prime Minister Gordon Brown is also sceptical of the need for any Europe-wide plan.
The president of the European Parliament has criticised the summit, warning that the leaders of Europe's four largest economies have no power to decide for the entire European Union.
Calls for European action follow the bail-out of both Bradford and Bingley in the UK and Fortis Bank by the governments of Belgium, Luxembourg and the Netherlands.
(BBC)
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