Gordon Brown says European leaders have agreed a series of measures aimed at easing the global financial crisis and preventing future collapses.
The Prime Minister said that reform of the banking system would be based on the principles of “transparency, integrity, responsibility, sound banking and global cooperation”.
Speaking at a meeting of European Union leaders in Brussels, Mr Brown said the meeting was a “decisive moment for the world economy”.
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The Prime Minister said there needed to be international co-ordination in response to the world’s economic crisis.
Speaking earlier, he said: “The decisions we make now will affect the world for a decade, or more, to come.
“People now recognise that this is a global crisis that requires a global solution.