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EU leaders affirm need for co-ordinated response to crisis

European Union leaders have issued a joint statement reasserting their commitment to a coordinated response to the financial crisis.

The statement follows confusion over the German Chancellor Angela Merkel’s reported commitment to guarantee all deposits, which has subsequently been questioned.

The Prime Minister Gordon Brown was set to speak to Merkel last night to clarify the situation.

The joint statement by EU leaders said: “All the leaders of the European Union make clear that each of them will take whatever measures are necessary to maintain the stability of the financial system – whether through liquidity support through central banks, action to deal with individual banks or enhanced depositor protection schemes.

“While no depositors in our countries’ banks have lost any money, we will continue to take the necessary measures to protect both the system and individual depositors.

“In taking these measures, European leaders acknowledge the need for close coordination and cooperation.”

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