European powers to discuss credit crisis

With confidence in the sector at rock bottom, commission chief Jose Manuel Barroso said: “Our system can cope, the European financial system has the ability to respond.” However, he stressed that the European Union needed “to inject credibility into the European response and that is why we are asking and urging member states for closer cooperation.”

His appeal came as Europe’s four biggest economic powers — Britain, France, Germany and Italy — prepared to meet on Saturday in Paris for talks on the global financial crisis.