Leaders of Europe's four biggest economic powers have opened a meeting in Paris to address the world financial crisis that is threatening the stability of banks across the continent.
French President Nicolas Sarkozy, whose country currently holds the EU's rotating presidency, is hosting the meeting that's attended by the leaders of Germany, Britain and Italy. The four nations are aiming to draft a coordinated response to the global financial crisis. Ahead of the meeting, Germany rejected an idea floated by France for a 300-billion-euro European fund to rescue troubled banks. Both Germany and Britain say they are reluctant to commit taxpayers' money to a Europe-managed fund. The summit comes ahead of the Group of Eight meeting of finance ministers in Washington next week.
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