European Leaders Meet to Discuss Need for Order in the Financial System

London–During a credit crunch meeting in London Tuesday, French President Nicolas Sarkozy plans to call for new structure in the global financial system, the Financial Times reports.The leaders of Europe’s four largest economies–France, Germany, Italy and the U.K.–want to show they have control despite the possible U.S. recession, recent Société Générale rogue trader incident and U.K. mortgage lender Northern Rock collapse.Sarkozy, German chancellor Angela Merkel and European Commission president José Manuel Barroso will attend the summit, hosted by U.K. prime minister Gordon Brown, to discuss Europe’s position before the meeting next week in Toyko of the seven industrial powers.In the Toyko meeting, European leaders likely will ask for the International Monetary Fund to have a greater role in alerting the financial community about global risks, more financial market transparency, new credit rating agency rules and increased communication between national regulators.