The Commission is called upon to be flexible in this area

1

Banking and financial institutions will be supported the crisis: the strength and stability of the European banking system will be "insured" indicates the final communiqué drafted at the end of the Summit. He added that "the liquidity of the financial system will be ensured by all actors to preserve confidence and stability."

2

If a common rescue plan, the big four Europeans undertake to cooperate and coordinate their action in particular in case of failure of a bank.

3

When public support is needed, the responsibility of leaders will be committed, the shareholders asked to share the cost of the operation, while the taxpayers and the "legitimate interests of competitors" will be "protected". The final communiqué stressed the need to establish new rules for executives in a way that "compensation systems do not encourage excessive risk taken.

4

So that the European financial institutions do are not "disadvantaged" over their US competitors, the accounting rules will be changed. By the end of the month, the banks will have to be to, like their counterparts in U.S. since last week to escape liability if the "fair value" rules for the evaluation of their assets, an accelerator system of crisis (see page 10).

5

In addition to "immediate" implementation of the colleges of supervisors of the major financial European groups to monitor these institutions who have subsidiaries in several European countries more harmoniously, the G4 offers increased cooperation of European supervisors with other financial centers: a "crisis cell" should be set up comprising supervisors, central banks and ministries of finance.

6

European respect for competition and State aid rules are relaxed. The Commission is called upon to "be flexible" in this area.

7

Similarly, European leaders believe that the "exceptional circumstances" that crosses Europe justify some flexibility in the implementation of the stability pact. The Commission shall take into account when it will evaluate the deficits of the Member States.

8

Risk of scarcity of credit, especially for small businesses, EU leaders recall that the European Investment Bank was responsible for help massively to the financing of SMEs. This time, they ask that the 30 billion euros of support provided for in the last Council of Ministers of finance, in September, are released "quickly".

9

The European Commission must present a draft directive on a "harsh" in mid-November of the rating agencies. She was invited by EU leaders to quickly propose another text on "coordinated development of the European rules on the safety of deposits". It will be to increase the amount of guaranteed deposits and bring closer the guarantees offered by Member States to their depositors.

10

The European countries of the G8 called for a "real and full of the international financial system reform based on the principles of transparency, banking strength, responsibility, integrity and global governance". They called for the holding of a Summit at a date as close as possible"involving international partners of the European Union. They specify that on that occasion, "a new comprehensive supervisory framework will be necessary" in which all stakeholders who have a financial impact will be regulated or monitored.