Europe backs off of U.S.-style economic rescue plan
But EU leaders did agree to begin rewriting European accounting regulations later this month.
The leaders of Europe's largest economies on Saturday vowed to "respond with one voice" to the global financial crisis. But a one-day summit in Paris did not produce a $300 billion rescue plan, similar to the $700 billion US rescue plan, or any other far-reaching plans to reform Europe's struggling banking sector.
Instead, they chose a much more cautious approach.
Leaders did agree to begin rewriting European accounting regulations later this month in an effort to reduce the financial losses that banks are currently forced to write off.
They also agreed to propose a so-called "college of regulators" that would monitor international banks with locations in more than one European country.
But leaders left unanswered questions on the extent to which European countries should guarantee bank deposits, and whether any limits should be placed on bank lending practices.