By IRNA
London : British Prime Minister Gordon Brown was hosting a summit in London Tuesday with the leaders of the three other largest economies in Europe on the global financial turmoil.
German chancellor Angela Merkel, French president Nicholas Sarkozy and Italian premier Romano Prodi were attending the meeting along with the president of the European Commission Jose Manuel Barroso.
Brown’s spokesman said the leaders would discuss “issues such as transparency surrounding off-balance-sheet risks faced by banks, issues such as cross-border co-operation and management of financial crises.”
The talks on improving the transparency in international capital markets and in the banking systems come in the wake of recent global financial turmoil.
The British premier was expected to use the discussions to talk about improving co-ordination between national regulators and reviewing the role of credit rating agencies, according to the parliamentary news service, epolitix.
His spokesman confirmed Monday there would be a wide-ranging agenda at the summit, but that the leaders “would mostly be concentrating on economic issues.”
According to the online Earthtimes news service, the so-called G4 leaders would also be holding discussions on the challenge of clime change.