US To Host Economic Crisis Summit
US President George Bush has offered to host an international summit on the global financial crisis.
He made the offer when he met French President Nicolas Sarkozy and European Commission chief Jose Manuel Barroso at his Camp David retreat on Saturday.
"It is essential that we work together because we are in this crisis together," Mr Bush said.
He revealed he had discussed plans for the summit with Japanese Prime Minister Taro Aso, the current chair of the Group of Eight industrialized nations.
Mr Bush stressd the summit, to be held in New York in the "near future", should not seek to undercut the basic principles of international capitalism.
"We must resist the dangerous temptation of economic isolationism (and) continue the policies of open markets," he said.
Mr Sarkozy has called for an overhaul of the current global financial system established just after World War II.
Earlier Mr Bush reassured Americans the US Government will not take a role in the day-to-day operations of the country"s banks.
He made the promise in his weekly radio address in which he stressed the importance of the multi-billion dollar bank bail-out.
The money will be used to buy bank shares and assets, to restore confidence and make it easier for firms and individuals to get loans.
Mr Bush said: "Had the government not acted, the hole in our financial system would have grown larger.
"The government will not exercise control over any private firm, and federal officials will not have a seat around your local bank"s boardroom table.
"The shares owned by the government will have voting rights that can be used only to protect the taxpayer"s investment - not to direct the firm"s operations."