(BRUSSELS) - European Union nations demanded Wednesday that a summit of world leaders be held by the end of the year on reforming global financial institutions, French President Nicolas Sarkozy said.

"Everyone agrees on the need for a global summit soon... We want this summit to take place before the end of the year and we think that November is a good time," said Sarkozy, whose country holds the revolving EU presidency, after a meeting of EU leaders in Brussels on the financial crisis.

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