Preparations for the global financial reform summit are hotting up. EU leaders, who met in Brussels today, will apparently call on the Nov. 15 global finance meeting to agree immediately on five principles. These are to:
- Increase surveillance of ratings agencies;
- Align accounting standards;
- Close loopholes;
- Set banking codes of conduct to reduce excessive risk-taking, and;
- Ask the International Monetary Fund to propose measures to calm the turmoil.