EU leaders prepare to meet for crisis summit

French President Nicolas Sarkozy brings together 15 eurozone leaders today for an emergency summit as they seek to escape global economic meltdown.

Yesterday, Sarkozy and German Chancellor Angela Merkel said they would put forward a number of precise and concrete measures.

But, both ruled out a joint euro fund as a way out of the crisis, which Sarkozy had earlier seemed to suggest.

Other EU finance heads are descending on Paris as leaders attempt to find a co-ordinated response to the crisis.

And, Britain’s Gordon Brown could be the man with a plan. Although not part of the eurozone group he will urge the other leaders to adopt Britain’s bail out proposal.

The British government is set to take a major stake in four of the countries biggest banks guaranteeing interbank loans and injecting capital in the hope of restoring market confidence.