Backgrounder: Main points of EU blueprint for global financial reform

Backgrounder: EU bailout actions taken since mid-October summit

·EU leaders agreed to double the bloc's crisis fund in emergency aid to member states.

·They said the provision of support for member states was a show of EU unity.

·They have agreed to raise to 25 billion euros from 12 billion euros, the ceiling on loans.

    BRUSSELS, Nov. 7 (Xinhua) -- European Union (EU) leaders agreed on Friday to double the bloc's crisis fund in emergency aid to member states severely hit by the financial crisis.

    "We have agreed on the need to raise to 25 billion euros (32 billion U.S. dollars) from 12 billion euros (15 billion U.S. dollars) the ceiling on loans which the EU can provide for this purpose," EU leaders said after they wrapped up a one-day informal summit in Brussels on Friday.

    They said the provision of support for member states experiencing financial difficulties was a show of EU unity.

    Hungary became the first EU country that was forced to seek EU assistance from the fund due to the current financial crisis.

    Earlier this week, EU governments approved a plan to provide 6.5 billion euros (8.3 billion U.S. dollars) in emergency financial aid to the country after its financial markets came under severe stress as the global financial crisis deepened and broadened.

    Under current rules, the EU can only provide as much as 12 billion euros in the form of so-called medium-term financial assistance facility to help member states outside the euro zone stabilize their economies.

    The European Commission proposed last week to raise the ceiling of the EU crisis fund to 25 billion euros.

    The EU leaders' agreement paved way for a formal decision by their finance ministers at a meeting next month.

Merkel calls for comprehensive control over markets

Germany's Chancellor Angela Merkel addresses a news conference after a European Union leaders summit in Brussels November 7, 2008. EU leaders meeting in Brussels were due to insist that the Washington summit launch rapid reforms to prevent a fresh outbreak of the credit crisis that has rocked the world economy.  (Xinhua/Reuters Photo) Photo Gallery>>>

    BRUSSELS, Nov. 7 (Xinhua) -- German Chancellor Angela Merkel said here on Friday that all financial markets or instrument should be regulated.

    "The market controls have to be more comprehensive. There can be no more unregulated markets or instruments," she told reporters after an informal summit of the European Union designed to coordinate position on reforming the global financial system before the Nov. 15 Washington summit.  Full story