EU nations have agreed to develop principles to regulate the banking sector and make available $100 billion to loan to the International Monetary Fund.

Manuel Barroso and British PM both agrees about protectionism. Europe and the world must resist protectionism during the global economic downturn, the PM and EU Commission President Jose Manuel Barroso said during a joint press conference at Downing Street.

Gordon Brown has heard from international business leaders about their hopes for next month's G20 summit and reiterated the Government's determination to stave off any movement away from free trade practices.

The Prime Minister has said that the upcoming G20 Summit in London must be used to tackle the "root causes" of the global recession and reshape financial regulation around the world.


Root Causes of Recession : Why did it happen so fast and unexpectedly ?