EU leaders to propose global body for financial supervision

At a summit in Brussels, Belgium, EU leaders prepared to call for the establishment of an international body to oversee the top financial institutions in the world. EU officials said regulatory officials from large countries and financial hubs would make up the entity, with the goal of improving communication and preventing future crises. Getting the U.S. and other countries to agree to the plan may be challenging. While British Prime Minister Gordon Brown proposed an "early-warning system" to detect future financial crises, the Group of Eight agreed to hold a summit in the coming weeks with other nations to discuss global financial reform.

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