Brussels - Arguably, one of the joys of watching the European Union in action is waiting for the moment when high-flown principles of unity collapse under the weight of sheer national ego.

That moment came to Brussels on Friday as EU leaders met to discuss, not just about what the bloc should demand from world powers at a summit in Washington on November 15, but about which member states should do the demanding.

Brussels - European Union leaders said Friday they were leading world efforts to reform global finance by agreeing on a common set of principles and on five specific recommendations to avert future credit crunches.

The common EU position, agreed after more than three hours of "intense" discussions over lunch in Brussels, is intended to lay the groundwork for a Group of 20 summit of the world's leading economies, such as the United States, China and India, due to take place in Washington on November 15.

Brussels - European Union leaders agreed Friday to a common position on reforming the global financial system, officials at an emergency EU summit in Brussels said.

"There is a pretty detailed common position from Europe," said French President Nicolas Sarkozy.

Brussels - European Union leaders agreed Friday to a common position on reforming the global financial system, officials at an emergency EU summit in Brussels said.

"There is a pretty detailed common position from Europe," said French President Nicolas Sarkozy.

The proposals, drafted by the French presidency of the EU, call for global measures to strengthen controls over financial operators, harmonize accounting standards, make financial managers responsible, control rating agencies and strengthen international financial bodies such as the International Monetary Fund.

Brussels - A European Union summit called to discuss a set of guidelines for reforming the global financial system dragged on Friday, suggesting the bloc's 27 leaders were struggling to find an agreement.

The lunchtime talks in Brussels were still underway at 1450 GMT, nearly one hour after a scheduled final press conference from the French presidency of the EU had been due to take place.

EU leaders were discussing guidelines on how to reform the global financial system in the wake of the current turmoil on world markets.

Brussels - At Friday's European Union summit on the reform of global financial markets, the French government, which holds the EU's rotating presidency, proposed five guidelines for future action which it wants EU states to back at a global summit on November 15.

TOTAL REGULATION: "No financial institution and no market segment must escape regulation or supervision," the paper says.