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Bush plea for unity amid crisis Bush plea for unity amid crisis
(about 1 hour later)
US President George W Bush has urged the world's wealthiest industrial nations to avoid any unilateral action in the current global economic crisis. US President George W Bush has said the serious global financial crisis demands a serious global response.
Speaking at the White House, he said countries must take co-ordinated action to tackle the "serious global crisis". He spoke after talks with heads of the Group of Seven (G7) and International Monetary Fund (IMF) in Washington.
"We must ensure the actions of one country do not contradict or undermine the actions of another," he said. At the White House, Mr Bush pledged the G7 most industrialised nations would take robust action together.
He spoke after crisis talks with Group of Seven chiefs and the International Monetary Fund (IMF) in Washington. On Friday, G7 finance ministers agreed to take moves to free the flow of credit, back efforts by banks to raise money and revive the mortgage market.
"All of us recognise that this is a serious global crisis and therefore requires a serious global response," Mr Bush said, announcing no new policies. Announcing no new policies, Mr Bush said: "We must ensure the actions of one country do not contradict or undermine the actions of another.
"We will stand together together and address this threat to our prosperity," he added. "In an interconnected world, no nation will gain by driving down the fortunes of another. We are in this together. We will come through it together."
The US president spoke after talks with Group of Seven (G7) finance ministers from Britain, Canada, France, Germany, Italy, Japan, as well as IMF chief Dominique Strauss-Kahn and World Bank President Robert Zoellick.
George Bush says the US will lead the response to the crisisGeorge Bush says the US will lead the response to the crisis
Amid widespread fears of a global recession, Asian, European and US markets continued to tumble on Friday despite rate cuts and cash injections by central banks. He was joined by G7 finance ministers from Britain, Canada, France, Germany, Italy, Japan, as well as IMF chief Dominique Strauss-Kahn and World Bank President Robert Zoellick.
Late on Friday, US Treasury Secretary Henry Paulson announced the US would invest directly in banks for the first time since the 1930s, following a similar UK move. Amid widespread fears of a global recession, Asian, European and US markets continued to panic sell on Friday despite rate cuts and cash injections by central banks.
The G7 finance ministers had earlier announced a five-point plan in Washington to protect major financial institutions. Late on Friday, US Treasury Secretary Henry Paulson said the US planned to invest directly in banks in a programme of partial nationalisation, the first since the 1930s, following a similar UK move.
They said they would free up the flow of credit, support efforts by banks to raise money, and revive the mortgage market. [We must] redirect the markets so that they serve the people, and not ruin them Angela Merkel German Chancellor class="" href="http://www.bbc.co.uk/blogs/thereporters/robertpeston/">Peston: Global fix needed class="" href="/1/hi/business/7662846.stm">Q&A: Why the big market falls? class="" href="/1/hi/business/7521250.stm">Timeline: Global credit crunch
The BBC's economic correspondent in Washington, Andrew Walker, says the G7 communique was short on detail, reflecting different views among the finance ministers. G7 finance ministers earlier did not rule out adopting another part of the British plan - to guarantee borrowing between banks - as they issued a five-point communique in Washington.
He says a British plan to guarantee borrowing between banks is not explicitly contained in the communique, but is at least implied as an option. They also kept open the possibility of further cuts in interest rates and taxes.
The G7 statement also kept open the possibility of further cuts in interest rates and taxes. But BBC economics correspondent Andrew Walker, in Washington, says there is some disappointment that the G7 plan lacks detail.
Leaders of the eurozone countries are meanwhile scheduled to meet in Paris on Sunday. Mr Bush's plea for joint action was picked up by French President Nicolas Sarkozy and German Chancellor Angela Merkel as they met in eastern France on Saturday.
Mr Sarkozy said: "Europe - rocked by a crisis without precedent which is battering the world - can only remain united and able to act if France and Germany work together in total trust and the most sincere friendship."
Ms Merkel agreed and said governments would have to "redirect the markets so that they serve the people, and not ruin them."
They will be joined by other eurozone leaders at an emergency summit on the financial crisis in Paris on Sunday.
The heads of the EU's four biggest economies - Britain, France, Germany and Italy - held a first crisis meeting last week but were split over the need for a common plan.
Analysts say another week of plunging stock markets has focused minds and the real test of this weekend's scramble by world leaders to prop up the international financial system will come once markets reopen again on Monday.