1. In the course of the past week, the initiatives taken in Europe have made it possible to produce an initial global response to the financial crisis. This is still not final, but for the first time the Europeans have shown that they are capable of coordinated action in an emergency.

2. For the first time in financial history, it is plans worked out in the European Union which have inspired the measures taken in other countries of the world, including the United States. Europe has shown leadership in dealing with the crisis and I welcome this.

3. We must demonstrate the same leadership in the consideration of the future on which we have embarked. This is not a crisis of European origin. But it is the Europeans who are - and have been for a long time - coming up with proposals for reform of our international financial system. I myself already urged the G8 to act accordingly in August [...]