(PARIS) - German Chancellor Angela Merkel said Sunday that a summit of eurozone leaders in Paris was "extremely important" and would send a "very important signal" to calm the markets.

"This meeting is to decide on coordinated joint action in the eurozone so that every country in the coming days can put in place measures that stabilise the financial markets," Merkel told reporters as she arrived for the meeting at the Elysee presidential palace.

Leaders of the 15-member eurozone were meeting in Paris to try to agree on joint action to confront the global financial crisis that has sent stock markets in a nosedive.

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