The leaders of Britain, France and the European Commission called for more cooperation among European Union leaders to respond to the economic crisis.

President Nicolas Sarkozy of France and Chancellor Angela Merkel of Germany rule out cutting the sales tax, but found little other common ground in talks in Paris.

President Nicolas Sarkozy of France and Chancellor Angela Merkel of Germany rule out cutting the sales tax, but found little other common ground in talks in Paris.

Some American officials are on edge following French President Nicolas Sarkozy’s aggressive statements about American capitalism, and his decision to hold his own financial summit meeting.

Having been brought low by their dealings in obscure securities, bankers are reluctant to start lending again until the impact of the recession becomes clearer.

Initially praised for his leadership and quick response to the crisis, the French president, Nicolas Sarkozy, is facing increasing pressure as the European recession gathers pace.

A move to stem panic earns the Old World some self-respect.

As the financial storm spread, some of the 27 nations that make up the European Union have broken ranks to protect their own citizens and banks.

Despite their pledge, the leaders of Europe’s largest economies failed to offer a systemwide answer to a credit crisis that has forced them to bail out several banks in just the past week.

President Nicolas Sarkozy of France called for an overhaul of the world’s financial system, arguing that an era of unregulated markets was over.