(October 12, 2008)--President Bush is leading an international charge this weekend to fix the credit crunch that's thrown the global economy into a tizzy.
He began the day shortly after the sun came up with a Rose Garden appearance with G-7 finance ministers and capped it with an evening meeting of the G-20 at the Washington headquarters of the International Monetary Fund.
The G-20 consists of the G-7 industrial powers, plus such major developing nations as China,
Brazil and India.
Brazil's finance minister says the president stressed the seriousness of the crisis and assured the finance ministers he's doing all he can to spur international action to resolve it.
In response, they've pledged deeper cooperation in the regulation and functioning of the world's financial markets.
Earlier, the IMF endorsed a G-7 plan that includes pumping money into the banking system to get credit, the lifeblood of the economy, flowing again.
Meanwhile European leaders are searching for a common response to the spreading global financial crisis.
Leaders of 15 countries that use the euro currency were meeting Sunday in Paris.
The session follows weekend the talks in Washington of the world's financial leaders that drew an appeal from President Bush for a global approach to the crisis.
Germany's Chancellor Angela Merkel and France’s President Nicolas Sarkozy agree that what's needed is "a common approach" in Europe but they say they are opposed to the creation of a common financial rescue fund for Europe similar to the U.S.-approved plan.
Sarkozy says the crisis demands "extremely" rapid responses, and he says a European fund would pose "gigantic problems" in decision-making spread among so many nations.
Merkel says a "common tool box" could be adopted, with individual countries using the tools to respond to their particular situation.
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