U.S. President George Bush spoke with one European leader by telephone
Friday and is scheduled to talk to another in person, as the world
watches how the U.S. handles the financial crisis.
President Nicolas Sarkozy spoke to Mr. Bush by phone. U.S. National
Security Council spokesman Gordon Johndroe says Mr. Bush expressed
confidence that lawmakers in Washington will pass a rescue plan for the
troubled U.S. financial markets.
Johndroe also said the two
leaders agreed that once the immediate crisis passes, the world will
need to determine how to avoid a similar one in the future.
Earlier this week, the French president called for an emergency summit of world leaders to deal with the financial crisis.
White House says that also will be the main topic of conversation when
Mr. Bush meets later Friday with British Prime Minister Gordon Brown.
The U.S. financial crisis has shaken the confidence of investors in Europe and around the world.
Margaret Bray of the London School of Economics says a sense of panic
among investors has been contagious, making it difficult for economies
in various countries to function smoothly.
banks, as well as central banks in Asia, have been injecting billions
of dollars into the financial markets to prevent them from breaking
down. Bray says with that influx of cash, many banks would stop
If banks refused to lend money, some businesses and governments would no longer be able to meet critical obligations.
Some information for this report was provided by AFP, AP and Reuters.