France’s Sarkozy says UN, G8 need reform after crisis

French President Nicholas Sarkozy called on Wednesday for the overhaul of both the Group of Eight industrialised nations and the United Nations, saying emerging economies needed to be given a greater voice.

Speaking minutes after coordinated central bank rate cuts, Sarkozy said the financial crisis could not be resolved by any one party and added that joint action by governments and central banks would bring concrete results in the hours ahead.