FNC Speaker, UK official discuss financial crisis

London, Jan 29, 2009 (WAM) - The impact of global financial crisis and measures by UK banks to counter economic recession were among the issues discussed here on Tuesday by Speaker of the UAE Federal National Council Abdul Aziz Al Ghurair and UK Exchequer Secretary to the Treasury and Member of the Parliament Angela Eagle.

The two sides elaborated on short-term and long-term measures taken by the United Kingdom to overcome weaknesses in the global financial system.

Eagle talked about 3 options: organizational measures for banks and financial institutions of relevant countries, international cooperation and joint action and the role of the USA as the world's biggest economy, according to Al Ghurair.

He briefed the UK official on measures taken by the UAE to face the problem which is still ongoing worldwide due to deceasing demand and consumption and the lack of confidence in a possible recovery of financial institutions.

Present at the meeting were FNC Secretary General Mohammed Salim Al Mazrouei, Charge d'Affaires of the UAE Embassy in London Saif Al Shamsi and UK Ambassador to UAE Anthony Oakden.