Sarkozy tries to rally united European response to crisis

A French plan for a European mini-summit to respond to the global financial crisis generated a mini-crisis of its own yesterday.

The meeting between the French, British, German and Italian leaders was provisionally set for next Saturday afternoon, but French officials said that the talks might be cancelledunless a substantial-sounding, four-way agreement could be guaranteed.

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According to one report, the French President Nicolas Sarkozy had hoped to present a €300bn (£240bn) EU-wide bank rescue plan – similar to the plan in the US. French officials refused to confirm the plan existed, as Germanofficials said they would "completely disagree" with such a proposal.

Hopes of a European rescue plan, or even common rules for nationalactions, appeared to be rejected earlier yesterday by the European Central Bank governor, Jean-Claude Trichet.

President Sarkozy, who presides over the EU until the end of the year,believes that the mini-summit should, at least, co-ordinate the views ofEurope's Big Four ahead of an EU summit in Brussels later this month.

Gordon Brown and the German Chancellor, Angela Merkel, are said to be doubtful about what such a meeting could achieve. They have agreed to attend only if "concrete" responses to the immediate financial crisis are discussed.

The Luxembourg Prime Minister, Jean-Claude Juncker, who is chairman of the "Eurogroup" of countries using the euro, meanwhile called for a more coherent European approach.