EU Tackles Global Financial Crisis At Saturday Paris Meet; U.K. Sets Up Emergency Economic Crisis Team

October 2, 2008 11:15 a.m. EST

London, England (AHN) - Before British Prime Minister Gordon Brown flies to Paris for the Saturday meeting of European leaders to tackle the global economic crisis, Brown will unveil members an emergency committee he has created to formulate plans on how Britain will face head on the crisis.

The formation of the emergency team is part of Brown's cabinet reshuffle. He is expected to announce the names of the team's members late Thursday or Friday.

Brown declined to comment on speculations that the team would be similar to the Cabinet Office Briefing Room which meets to advice the prime minister, senior ministers and key government officials from relevant government agencies armed with important information about a particular crisis.

The British prime minister will meet Saturday with leaders from Germany, Italy, the European Commission and the head of the European Central Bank at the French capital. The meeting is hosted by French President Nicolas Sarkozy, who also heads the EU on a rotating basis.

The key European leaders want to come up with a coordinated response to the global financial crisis ahead of the Group of 8 Finance Ministers and Central Bank Governors meeting next week in Washington.

Sarkozy said he hopes the Saturday meeting will lead to a world summit later this year.