European cooperation with

European cooperation with the crisis in September 2008 because of the global financial crisis, banks Fortis and the Franco-Belgian Dexia, on the verge of bankruptcy, had to be partially nationalized by governments. In early October, amid the liquidity crisis in financial markets and the global stock market crisis, Sarkozy summoned the leaders of Germany, Italy and the UK in a mini-summit in Paris to coordinate aid banks and reform of accounting regulation, before the meeting of G8 finance ministers in Washington. France proposed a European bank bailout fund, but Germany and the United Kingdom opposed the proposal. However, they agreed to work together to tackle the financial crisis without creating a fund for the bank bailout. They also pledged to punish those responsible for the bankrupt company.Days later, the leaders of the 15 euro zone countries met in Paris and agreed on a plan of action against the financial crisis. The previous plan to recapitalize state institutions at risk and guarantee interbank lending. Finally, EU leaders met in Brussels three days later. Has called for tighter supervision of international financial system and approved a financial rescue plan. Sarkozy suggested that severely restrict hedge funds and tax havens. Quickly, the financial crisis affected the real economy and the euro zone into recession in the third quarter of 2008. Thus, in December, after the rescue plan for financial markets and the banking sector, the European Commission made public a plan to rescue the economy representing 1.5 of EU GDP. The plan was approved by European Union countries, despite the reluctance of Angela Merkel.