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 - Lithuania and Poland should bow to the majority of European Union member states and approve the immediate relaunch of talks on a strategic deal with Russia, despite their own security concerns, top EU officials warned Friday.

The decision to restart talks "may not be 100 per cent what your feelings are, but it's better for you to be together with all the other (EU) states in expressing a view rather than having some countries making agreements with Russia and others not," European Commission President Jose Manuel Barroso said.

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.

Tehran - Iran said European Union foreign policy chief Javier Solana asked for continuation of talks with Tehran over its controversial nuclear programme, official news agency IRNA reported on Friday

"Solana, in a letter sent to Iran's top nuclear negotiator Saeed Jalili on Thursday, has emphasized the six countries (the five UN veto powers and Germany) are still committed to find a diplomatic solution for the disputed issue," the report said citing a statement released by Jalili's office.

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.