Bloomberg has reported:

European Union leaders pressed for an overhaul of the global financial system to prevent a repeat of the credit crunch that sparked the biggest stock-market selloff since the Great Depression.

EU leaders called for a global summit as soon as next month to rewrite the 1944 Bretton Woods accord that paved the way for Europe's post-World War II reconstruction and set up the institutions that oversee the world economy today.

I'm such a fan of Bretton Woods that I took my wife there during our honeymoon. And I agree, it needs revisiting. But I'm worried about the haste. This has got to be right. I don't want anyone to make rash decisions whilst Bush is still in office.

But most of all, I do not want this to be a carve up between the US and Europe. If the developing and intermediate state of the world are ignored then any arrangement will be fundamentally flawed. Everyone has to appreciate that, the US most of all.