US President George W Bush has called for co-ordinated action by leading industrialised countries to tackle the worldwide credit crunch.
US President George W Bush has called for co-ordinated action by leading industrialised countries to tackle the worldwide credit crunch.
A common response must be "well thought-out", Mr Bush said.
A common response must be "well thought-out", Mr Bush said.
He was speaking as world markets remained volatile amid ongoing uncertainty, despite last week's $700bn (£380bn) US rescue package.
He was speaking as world markets remained volatile amid ongoing uncertainty, despite last week's $700bn (£380bn) US rescue package.
The International Monetary Fund has also called for joint action estimating financial losses at $1.4 trillion.
The International Monetary Fund has also called for joint action estimating financial losses at $1.4 trillion.
Mr Bush said finance ministers from G7 nations would meet in Washington at the weekend to discuss the crisis.
Mr Bush said finance ministers from G7 nations would meet in Washington at the weekend to discuss the crisis.
He said the financial meltdown had created hardship for many Americans, but pledged : "We have been through tough times before and we're going to come through this again."
He said the financial meltdown had created hardship for many Americans, but pledged : "We have been through tough times before and we're going to come through this again."
No quick fix
No quick fix
Mr Bush said the rescue plan would free up credit for businesses and families but that it would take some time to work.
Mr Bush said the rescue plan would free up credit for businesses and families but that it would take some time to work.
"Thawing the freeze in the financial system is not going to happen overnight," he warned.
"Thawing the freeze in the financial system is not going to happen overnight," he warned.
The US president was speaking at an office supply company outside Washington, following talks earlier with European leaders earlier on Tuesday.
The US president was speaking at an office supply company outside Washington, following talks earlier with European leaders earlier on Tuesday.
Meanwhile governments around the world have taken more steps to try to ease the credit crisis:
European Union finance ministers agreed to increase the guarantee for bank savings accounts to at least 50,000 euros ($68,250; £38,900)
The Netherlands trebled the amount of savers' deposits it will protect to 100,000 euros (£77,700; $136,776)
Taiwan said that it would fully protect depositors' savings should a bank fail
The US Federal Reserve announced plans to buy massive amounts of short-term debt from companies in an effort to unfreeze the money markets
The Icelandic government took control of the country's second biggest bank
Australia's central bank lowered interest rates from 7% to 6%
Meanwhile governments around the world have taken more steps to try to ease the credit crisis:
European Union finance ministers agreed to increase the guarantee for bank savings accounts to at least 50,000 euros ($68,250; £38,900)
The Netherlands, Spain, and Belgium announced they would protect savers' deposits of up to 100,000 euros (£77,700; $136,776)
Taiwan said that it would fully protect depositors' savings should a bank fail
The US Federal Reserve announced plans to buy massive amounts of short-term debt from companies in an effort to unfreeze the money markets
The Icelandic government took control of the country's second biggest bank
Australia's central bank lowered interest rates from 7% to 6%
On Tuesday London's FTSE 100 index closed up slightly despite heavy losses by banking shares.
On Tuesday London's FTSE 100 index closed up slightly despite heavy losses by banking shares.
France's Cac 40 index also ended higher. In afternoon trading on Wall Street, the Dow Jones was down 2.5%, after starting the day higher.
France's Cac 40 index also ended higher. In afternoon trading on Wall Street, the Dow Jones was down 2.5%, after starting the day higher.
Are you concerned about the global economic crisis? What questions would you like to ask the experts? Send us your questions using the form below?
Are you concerned about the global economic crisis? What questions would you like to ask the experts? Send us your questions using the form below?
In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below.
In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below.
