EU leaders are to gather on 17 September for an extra summit to decide Europe's position ahead of G20 talks on financial reform.

This top-level one-day session, organised in Brussels by the current Swedish Presidency of the EU, will take place one week before the G20 gathering in Pittsburgh (USA) where leaders of leading industrialised nations and the biggest emerging economies will discuss financial reforms in the context of the economic and financial crisis.

The presidents and prime ministers of the 27 EU members are expected to reinforce their common stance on changes needed to restore confidence in the world's financial markets. On this topic, there are clear differences among the EU states on how to tackle the need for a stronger financial regulation. London, the seat of several leading financial institutions, is against new types of common supervision. In contrast, French President Nicolas Sarkozy is pushing for bank managers to freeze their bonuses. He affirmed that "it's possible to change the rules of financial capitalism", saying that he would bring forward such proposals to the G20 summit.

According to Fredrik Reinfeldt, Sweden's Prime Minister, this EU meeting could be also used to discuss financial aid to help poor countries adapt to climate change, an issue which is likely to feature at the G20 summit.

Sources:

• http://www.europeanvoice.com/article/imported/eu-leaders-set-for-september-summit/65708.aspx
• http://euobserver.com/9/28580