European leaders met in Paris over the weekend to discuss the financial crisis that is sweeping across Europe. they created a multi-billion euro fund to deal with small businesses. But the most interesting statement was the need for a global financial summit to reshape the world financial system.

European leaders demanded a global summit, to be held later in the autumn, aimed at finalising a successor to the Bretton Woods formula — the system created in 1944 that defines the world’s financial relations.

French President Nicolas Sarkozy said, “When all is said and done, we will build a new financial world just as Bretton Woods did 60 years ago.”

What this “new financial world” could be is yet to be determined. It will likely be something beyond even the grandest European imagination.

One this is certain. Europe, and the rest of the world will take steps to prevent their being affected by any further American financial crisis. Even though European banks have made their own mistakes, and will suffer the natural consequences of mismanagement, they will put most of the blame on America.