French President Nicolas Sarkozy gestures during press conference at end of informal meeting of EU heads of state, 07 Nov 2008

French President Nicolas Sarkozy says European Union leaders have agreed on a common approach to reform the world financial system ahead of this month's summit on the issue in Washington.

The French president, whose country holds the rotating EU presidency, told reporters the 27 leaders, meeting in Brussels, had agreed on the need for a fully coordinated political and economic response to the crisis.

Earlier, EU officials acknowledged some disagreement among union members about how involved governments should be in the financial reform.  Members also questioned how much will be accomplished at the Washington summit as the nation prepares to welcome a new presidential administration.

European Commission President Jose Manuel Barroso has said it will take unprecedented levels of global coordination to deal with the financial meltdown.

Leaders of wealthy nations and the heads of major developing economies gather in Washington November 15 to focus on the worldwide economic downturn.  

Some information for this report was provided by AFP, AP and Reuters.