US President George W Bush has called for co-ordinated action by leading industrialised countries to tackle the worldwide credit crunch.
A common response must be "well thought-out", Mr Bush said.
The International Monetary Fund has also called for joint action estimating financial losses at $1.4 trillion.
This was double the US rescue package agreed last week, which has failed to stop market turmoil. On Tuesday, the Dow Jones reached a five-year low.
Mr Bush said finance ministers from G7 nations would meet in Washington at the weekend to discuss the crisis.
US President George W Bush has called for co-ordinated action by leading industrialised countries to tackle the worldwide credit crunch.
A common response must be "well thought-out", Mr Bush said.
The International Monetary Fund has also called for joint action estimating financial losses at $1.4 trillion.
This was double the US rescue package agreed last week, which has failed to stop market turmoil. On Tuesday, the Dow Jones reached a five-year low.
Mr Bush said finance ministers from G7 nations would meet in Washington at the weekend to discuss the crisis.
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