(October 11, 2008)--An early morning White House meeting of the world's biggest economic powers Saturday produced more assurances, but evidently no new strategies on the credit crunch.
The meeting of G-7 finance officials began shortly after dawn and was shorter than scheduled.
At a news conference after the 30-minute session, President Bush said he and Treasury Secretary Henry Paulson described the actions the U.S. has taken over the past few weeks.
Mr. Bush said America "has a special role to play" in leading the response to the crisis.
He promised that the global response will lead to a "path of stability and long-term growth."
As the nations involved carry out the plan, Mr. Bush said it's important to ensure that the actions of one don't contradict or undermine the actions of another.
Treasury Secretary Henry Pauslon convenes a meeting Saturday evening of officials from both wealthy nation's and the world's biggest developing nations such as China, Brazil and India.
Meanwhile, French President Nicolas Sarkozy and German Chancellor Angela Merkel have rejected creation of a common financial rescue fund for Europe.
Sarkozy says that such a fund would pose "gigantic problems" coordinating the necessary rapid response among European nations.
Merkel said, "There is no question of a European fund."
The two spoke Saturday after commemorating the 50th anniversary of a meeting between former French President Charles de Gaulle and former German Chancellor Konrad Adenauer to seal reconciliation in the wake of World War II.
Merkel and Sarkozy say a common approach to the financial crisis will emerge from a Paris summit on Sunday of 15 leaders of the countries using the euro currency.
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