World leaders at the G-20 financial summit in Washington have pledged to continue to work together to bring the current financial crisis and threat of global recession under control. In addition they have endorsed broad goals to fend off any future crisis and revive the economy.
Bush and his counterparts backed a plan for more openness in the financial markets and set up an early warning system for problems such as the wild speculation that fed the collapse of the US housing market.
The idea is to improve international monitoring of markets and stiffen rules governing how companies value their assets, a weakness seen as contributing to the current turmoil. As recession hits many countries the G-20 agreed, in principal, to kick-start growth, but stopped short of a commitment for all participants to act together.
To assist emerging economies leaders vowed to ensure the International Monetary Fund, World Bank and other development banks have enough cash to assist developing countries affected by the financial storm, as well provide trade and infrastructure financing.
It remains to be seen if the measures will reverse the recession and calm jittery markets as the worst financial crisis since the Great Depression continues to claim its victims.