EU prepares response to financial crisis

European leaders from France, Britain, Germany, and Italy are meeting to address the financial crisis, but face divisions over a potential bailout plan similar to the US's $700 billion rescue. The European Central Bank is cautious about such measures. Recent bank rescues in Europe, like Dexia and Fortis, highlight the crisis, but Germany opposes a joint European fund. Discussions on lowering interest rates are expected, as recession fears grow, particularly in France. The summit will test European leaders' diplomatic skills in forming a united response.

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