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WASHINGTON-U.S. President George W. Bush announced on Saturday he would host the first in a proposed series of global summits on the financial crisis as the world grapples with the biggest economic debacle since the Great Depression."It is essential that we work together because we are in this crisis together," Bush said before a meeting at the Camp David presidential retreat with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso.A joint statement after the meeting said the first summit would take place in the United States soon after the November 4 U.S. presidential election and focus on the "principles of reform" needed to fix the world's financial system."Later summits would be designed to implement agreement on specific steps to be taken to meet those principles," the statement said, adding that other world leaders would be contacted beginning next week.The U.S. and European leaders decided it would be too ambitious to handle all the issues in one summit, White House spokesman Tony Fratto said.Sarkozy has called for a revamp of the international financial architecture established after World War Two at the 1944 Bretton Woods conference-a massive overhaul that may not win unqualified support in the Bush administration.The summit plan emerged as fears of a full-blown global recession gathered.Both U.S. consumer confidence and new-home construction showed sharp drops, and stock markets around the world remain volatile as investors count their losses and ponder when the financial gloom may ease.To read more go to:
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