The global financial crisis has dominated the meeting of the UN’s General Assembly in New York. Representing the European Union, French President Nicolas Sarkozy called for a world economic summit by the end of the year.
He said the world was seeing the consequences of acting too late and must not wait any longer. “Let us learn to tackle collectively the most serious crises which no-one, not even the most powerful among us, can resolve alone,” Sarkozy told the assembled world leaders.
Earlier US President George Bush said that his government’s steps to remedy global economic ills should come into effect soon: “Last week I announced decisive action by the Federal government to address the root cause of much of the instability in our financial markets by purchasing the illiquid assets that are weighing down the balance sheets and restricting the flow of credit. I can assure you that my administration and the Congress are working together to quickly pass legislation approving this strategy.”
UN Secretary General Ban Ki Moon opened the meeting with a warning that the financial crisis was a threat to efforts to reduce world poverty.