France`s Sarkozy Calls For Financial Crisis Summit

Sarkozy later said the meeting should be held in November and based on the Group of Eight (G8) industrialised nations format.

French President Nicolas Sarkozy called on Tuesday for a summit of world leaders this year to discuss the fallout of the global financial crisis and decide on new forms of regulation to prevent it recurring.

"It is my conviction that it is the responsibility of heads of state and government of the countries most directly concerned, to meet before the end of the year to examine together the lessons that can be drawn from the financial crisis," he said in a speech to the United Nations General Assembly.

He later said the meeting should be held in November and based on the Group of Eight (G8) industrialised nations format but open to some emerging countries as well.

"Who could understand if the main economies did not take the time to meet to discuss what we must do together, the lessons we must learn from what happened?" he said.

"Let us rebuild a system where banks will do their job, and the job of banks is to finance economic development. It is not to fuel speculation," he said, adding: "Let us build together a regular, regulated capitalism."

At a news conference after his speech, he condemned the system of bonuses awarded to some in the financial sector and listed some issues the summit should focus on.

"I think we could usefully work out new principles and new rules. Rating agencies -- that is of the highest importance. The issue of assessing balance sheets and banks' solvency -- that is of the highest importance," he told reporters, adding that leaders should also discuss hedge funds and pay.