Leaders eye finance overhaul as markets tumble

TOKYO, October 16, 2008 (AFP) - Emergency measures to tackle the financial crisis provided little relief for nervous investors Thursday, as stock markets around the world took a battering on fears of a global recession ahead. With most analysts now considering a US recession inevitable, markets looked beyond the current wave of bank rescue packages and towards the possibility of a sustained period of lower demand.
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Facing an economic downturn and the worst financial crisis since the Great Depression, leaders from the European Union were due to wrap up a summit with a call to overhaul the global financial system.

Following intense discussions on the first day of a two-day summit, European Commission President Jose Manuel Barroso said it was "essential" for the EU, the United States and other countries to work hand-in-hand.

"Europe is indispensable for a global response but a European response alone is not enough," Barroso said.

French President Nicolas Sarkozy said there was unanimous support for a global summit to be held before the end of the year, including emerging powers such as China and India.

"Europe will present an ambitious common vision," Sarkozy said.
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"We are really determined to go

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