UPDATE 1-France calls EU summit on finance reforms

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BRUSSELS, Oct 23 (Reuters) - European Union president France called on Thursday for an EU summit to be held on Nov. 7 to prepare the bloc for a meeting of world leaders the week after to discuss financial reforms after the credit crunch.

A brief statement by the EU presidency said the meeting in Brussels would consist of a lunch of EU heads of state and government.

French President Nicolas Sarkozy said earlier this week he favoured such talks to prepare the 27-member bloc for the Nov 15. meeting in Washington, due to include major industrial nations and big emerging economies like China, India and Brazil.

Europeans have been pressing for a major financial system revamp, and Sarkozy in particular has said it is time to rethink capitalism.

Yet the Washington meeting, which would follow the Nov. 4 U.S. presidential election, is unlikely to do more than kick off a process toward reforms in possible future meetings. (Reporting by Mark John; Editing by Charles Dick)