(EVIAN) - An aide to South Korean President Lee Myung-Bak voiced support on Tuesday for setting up a Europe-wide fund to shore up banks hard-hit by the global financial crisis.

"The recent idea of creating an EU-community wide fund to deal with the current banking crisis is not a bad idea," said Sakong Il at an international conference held in the Alpine city of Evian.

Germany and Britain rejected proposals for a Europe-wide fund that would mirror the 700-billion-dollar US rescue package but Italy has sought to revive the idea.

"The crisis is so severe and so serious that global leaders should do something about it," said the advisor speaking at the World Policy Conference organised by a French think tank.

"Very decisive and bold efforts are needed."

Lee on Monday proposed holding a summit with his Chinese and Japanese counterparts to discuss ways to calm the global financial turmoil, his ruling party said in Seoul.

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