Baja Real Estate & Economy News (CNN) -- EU leaders are holding a summit in Brussels to hammer out the details of their $2.7 trillion banking bailout.
Leaders from the 27-nation European Union are meeting Wednesday and Thursday in the hope further agreement on their approaches will give markets more confidence.
Proposals include a guarantee on bank deposits worth up to $136,760.
Sharemarkets fell Wednesday after two days of large gains prompted by Britain, Germany, France, and the U.S.'s banking bailouts worth more than $3 trillion.
They, along with the Netherlands, Spain and Austria, have agreed to buy shares in banks and pump huge sums of money into lending markets in an effort to restore confidence and make credit readily available again.
The EU meeting was originally meant to discuss climate change but the economic crisis was expected to dominate.
Before the meeting, British Prime Minister Gordon Brown said the world had to work together to solve the economic crisis and called for global talks this year to reform the world's financial system.
He said a global summit could be held in the next few months despite lack of agreement among international leaders.
Brown appealed to the other countries to join Europe's bailout plan, which he said was key to unfreezing bank lending and softening any economic downturn stemming from the difficulties banks were having.
"I hope we will find agreement ... to stabilize the financial system and then to move the economy of Europe forward," Brown told The Associated Press.
"We now see around the world major economies taking similar action, liquidity being brought into the system, we have the recapitalization of the banks, so that they are stronger for the future, we have the resumption of the funding the banks can do to small businesses and mortgage holders."
European Commission head Jose Manuel Barroso has called for supervision of hedge funds and private equity, and action against "short-termism" and "perverse incentives."
Barroso said some governments still opposed a more coordinated European approach.
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(CNN) -- EU leaders are holding a summit in Brussels to hammer out the details of their $2.7 trillion banking bailout.
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