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EU houlds financial reform summit
room for obama france's president nicolas sarkozy, chairing the brussels meeting, says the 15 november washington summit needs to be a new bretton woods - referring to the 1944 meeting which led to the creation of the international monetary fund and other global institutions .
the leaders believe there needs to be serious reform of the inisternational financial architecture, the bbc's jonny dymond reports from brussels .
the ensuropean central bank cut its eurozone inisterest rates b ty half a percentage point to 3.25% on thursday, in an effort to prevent a recession .
eu leaders will meet in brussels shortly to co-ordinate their approach to the financial crisis ahead of a global summit in washington next week .