2008-10-12 09:21:59 - Euro heads along with European Central Bank will hold,"The meeting"s objective will be to define a joint action plan for the eurozone and the European Central Bank in relation to the current financial crisis," The summit is scheduled for Sunday 2230 IST at the Elysee Palace in the French capital.

The global meltdown is putting strains on euro financial state and to hold this eurozone on road to stability a summit in Paris on Sunday to “define a joint action plan for the eurozone and the European Central Bank," the French presidency said.

The head of the International Monetary Fund Strauss-Kahn has warned that the global financial system has been pushed
to the brink of ‘meltdown". Speaking in Washington, he said he had been calling for coordinated action on the crisis for some months. The IMF has endorsed an action plan from Finance Ministers of the G-7 group.Mr. Strauss-Kahn hoped that the G-7 plan would improve the flow of credit between banks.The IMF has also declared itself ready to lend any country that needed help, saying the crisis was not limited to advanced economies.
Fifteen members of the eurozone will announce concrete measures to tackle the worsening global financial crisis at an emergency summit in Paris later today. This was announced by the French Finance Minister Christine Lagarde. Three of them France, Germany and Italy have already signed some key objectives agreed to by the G-7 on Friday.

The British Chancellor of Exchequer Alistar Darling has said the details about his country"s proposal will be announced at the beginning of the next week. Reports say that the British government is about to take substantial steps in several banks.

Spanish Prime Minister Jose Luis Rodriguez Zapatero had earlier on Saturday called for an emergency meeting of Eurogroup leaders to come up with a coordinated response to the crisis.

Italian Prime Minister Silvio Berlusconi had also raised the possibility of an early EU summit. Despite repeated pledges to coordinate their action, EU governments have often gone their own ways so far in tackling the crisis at the national level.

Leaders of France and Germany on Saturday after joint meet rejected idea of creating a common fiscal rescue fund for Europe, but supported the view of coordinated response that will emerge after a weekend summit."The crisis demands extremely rapid responses" and a “European fund would pose gigantic problems" in decision-making among so many nations, French President Nicolas Sarkozy said.

“There is no question of a European fund," said German Chancellor Angela Merkel.The two spoke at a news conference ahead of a Paris summit on Sunday bringing together the 15 leaders of the countries using the euro currency.

Neither leader would provide details on exactly what might emerge from tomorrow"s summit. Merkel spoke of creating a “common tool box", but said that “each country could use these tools to respond to (its) particular situation".

“We need a common approach in Europe, but we must be able to adapt to each national situation in a flexible way," she said.She said that for Germany she does not exclude support for banks seeking it, but added that conditions would be attached."One cannot talk of nationalisation," she said.

The French and German leaders met in this village east of Paris, the home and burial site of former French President Charles de Gaulle, to commemorate the 50th anniversary of a meeting between de Gaulle and German Chancellor Konrad Adenauer to seal reconciliation in the wake of World War II.

World bank chief has said that G 7 is not serving its purpose and India and china needs to its member to bring the deired rejuvenation.Eurozone meeting follows a weekend gathering in Washington of finance ministers from the so-called Group of Seven: Japan, Germany, Britain, France, Italy, Canada and the United States.

According to the projections made by the World Economic Outlook (WEO) released recently by the IMF, India is likely to register a Gross Domestic Product (GDP) growth of 7.9 percent in 2008-09, which may slip to 6.9 percent in 2009-10.
“We are projecting that the growth in India will come down from eight percent in 2008 to seven percent in 2009. But seven per cent is still a strong rate of growth," the IMF official said.A likely seven percent growth rate at a time when the world economy is on a downhill path, would reflect India"s internal growth dynamics, he said.India of the ongoing financial turmoil, Blanchard said, “India is still largely a closed economy, has strong internal growth dynamics, from rapid productive growth, from its process of integration into the global economy that is still continuing".

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