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Bush plea for unity amid crisis Bush plea for unity amid crisis
(10 minutes later)
US President George W Bush has urged other nations not to take any unilateral action in the current global economic crisis. US President George W Bush has urged the world's wealthiest industrial nations to avoid any unilateral action in the current global economic crisis.
Speaking at the White House, he said countries must take co-ordinated action to tackle the market meltdown.Speaking at the White House, he said countries must take co-ordinated action to tackle the market meltdown.
"We must ensure the actions of one country do not contradict or undermine the actions of another," he said."We must ensure the actions of one country do not contradict or undermine the actions of another," he said.
He spoke as the Group of Seven and the International Monetary Fund held crisis talks in the US capital. He spoke as the Group of Seven (G7) and the International Monetary Fund held crisis talks in the US capital.
"We still together and address this threat to our prosperity," Mr Bush said. "All of us recognise that this is a serious global crisis and therefore requires a serious global response," he told reporters after an unusual Saturday gathering with the G7 finance ministers .
"We will stand together together and address this threat to our prosperity," Mr Bush said.
He spoke a day after the US announced it would invest directly in banks for the first time since the 1930s, following a UK move.He spoke a day after the US announced it would invest directly in banks for the first time since the 1930s, following a UK move.
Widespread fears of a global recession caused Asian, European and US markets to tumble on Friday despite rate cuts and cash injections by central banks.Widespread fears of a global recession caused Asian, European and US markets to tumble on Friday despite rate cuts and cash injections by central banks.
Leaders of the eurozone countries are scheduled to meet in Paris on Sunday.