Bush: World must stand together to tackle finance crisis
Saturday, 11 Oct 2008 17:41
George Bush calls on world's wealthiest nations to work in tandem
George Bush has called on the world's wealthiest nations to work in tandem to combat the global financial crisis.
Speaking after the financial ministers of the G7 group of leading industrialised nations agreed a five-point plan to tackle a potential worldwide recession, the US president called for powerful nations to work together.
"We must ensure the actions of one country do not contradict or undermine the actions of another," he said.
"All of us recognise that this is a serious global crisis and therefore requires a serious global response," Mr Bush said.
"We will stand together and address this threat to our prosperity," he added.
Though Mr Bush did not unveil any new policies, he stressed the importance of global unity during these uncertain times.
While some countries had chosen to "wall themselves off from the world" in past crises, "this time is different", he claimed.
"The leaders gathered together in Washington this weekend are all working together."
Henry Paulson, the US Treasury Secretary, earlier announced the G7's plan to stabilise worldwide markets and protect banks and financial institutions from failing.
"Never has it been more essential to find collective solutions to ensure stable and efficient financial markets and restore the health of the world economy," he said.
The US has thus announced its intention to invest directly in its banks, following the UK government's injection of capital into its own institutions.