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Sarkozy urges world summit on financial crisis

French President Nicolas Sarkozy called for a summit of world leaders by the end of the year to address the financial crisis he said required international cooperation.

“We have retreated too long when faced with the need to give the globalized world the institutions that will regulate it,” Sarkozy told the UN General Assembly. “Let us build together a regulated capitalism in which whole swathes of financial activity are not left to the sole judgment of market operators,” he said.

Sarkozy also called for the G8 group of leading industrialized nations to be expanded to include China, India, South Africa, Mexico and Brazil. (Reuters)