Europe’s leading policymakers will convene in Paris next week to prepare the ground for a possible global summit on the financial crisis, Nicolas Sarkozy, France’s president, said on Monday. He said the Paris talks would bring together officials from France, Germany, Italy and the UK – the four European Union powers represented in the G8 group of industrialised nations – as well as Jean-Claude Trichet, the European Central Bank president, José Manuel Barroso, the European Commission president, and Jean-Claude Juncker, head of the eurozone’s finance ministers’ group. “We must not give in to the forces of destabilisation. We must support the banks. But there are structural problems. I confirm my call for a summit in coming weeks to establish the basis for a new international financial system,” Mr Sarkozy said.This is exactly the kind of thing that the U.S. would have shot down a decade ago. If this goes anywhere, it will signal a decline in U.S. influence.
Daniel W. Drezner is professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University.