Brown and Merkel meet to discuss financial reforms

Thursday, 30 October 2008 12:00 AM

Gordon Brown is continuing his series of high-profile international talks regarding the economic crisis with a visit to Downing Street by German chancellor Angela Merkel today.

Mr Brown and Ms Merkel are expected to discuss proposals to reform the financial system ahead of European and global summits next month.

European leaders are due to meet in Paris on November 7th to discuss the financial crisis, with international heads of states meeting in Washington on November 15th.

On Thursday, Mr Brown called for the European Investment Bank to boost lending to small business currently suffering in the global credit crunch and looming recession.

"At this difficult time for the world economy it is right that we look at innovative forms of finance for our small businesses. And it is right that we work with our international partners to help businesses here in Britain," Mr Brown told the Reuters news agency.

"I have discussed with President [Nicolas] Sarkozy and Chancellor Merkel in recent weeks how we best use the resources of the European Investment Bank to help businesses across Europe."

The government has claimed that small- and medium-sized businesses could receive an extra £4 billion of lending as part of the proposed £24 billion European-wide package.

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