World has 100 days to fix system

Curious to see how this pans out:

According to an AP report, "EU leaders are set to call on the Nov. 15 summit to agree immediately on five principles: submit ratings agencies to more surveillance; align accounting standards; close loopholes; set banking codes of conduct to reduce excessive risk-taking; and ask the International Monetary Fund to suggest ways of calming the turmoil."
[...]

EU leaders like France's President Nicholas Sarkozy and Britain's Prime Minister Gordon Brown have seized the initiative in setting the agenda for the November 15 summit, which some are informally referring to as "Bretton Woods II." The EU will be calling for an agreement to overhaul the global financial system within 100 days, with a second international summit to be held in March.

Additional proposals that may be implied by the aformentioned five agenda items might include: creating a world central bank; creating an international reserve currency to replace the ailing U.S. dollar; and levying fees or taxes on international financial transactions.

Read all about it: Associated Press article, or this commentary
_______________________________________________________________