(BRUSSELS) – EU leaders will hold an extraordinary summit on Sunday, seeking to tackle rising fears over economic protectionism and agree more coordinated action to tackle the deepening recession.

The European Commission will champion a common EU approach on “toxic assets” held by banks and stricter monitoring of financial markets.

The meeting will be the first of two March EU summits in Brussels dedicated to the economic meltdown, as inflation and interest rates fall while unemployment rates and government bail-outs increase.

European consumer and business confidence was recorded at a record low in February.

The heads of Europe’s largest economies agreed Sunday on the need for greater regulation of financial markets and to double IMF funding to avoid a repeat of the global economic crisis.

Full Story @ EUbusiness