US and European leaders have agreed to hold a series of world summits to discuss the challenges facing the global economy.
George Bush met with French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso at Camp David.
President Bush will chair the first summit,
“ I look forward to hosting this meeting in the near future. Both developed and developing nations will be represented. And together we will work to strengthen and modernise our nations financial systems so we can help ensure that this crisis doesn´t happen again.”
A worldwide credit crisis has battered markets, leaving the US and its European allies desperate for new ways to reduce the impact on the world economy.
The recent financial turmoil is the worst since 1929 and the collective approach recalls the meeting in 1944 at Bretton Woods, New Hampshire, when 44 allied nations came together to establish new commercial and financial rules.
The first meeting is due before the end of November in New York.
The French president said it could offer an opportunity to build the capitalism of the future and leave behind the “hateful practices” of the past.