Bush rallies G7 to fight global financial instability

The G7 nations have pledged to take “decisive action” against the global financial crisis, following their meeting in Washington over the weekend.

While the tough talking was not backed by any concrete action, there is now little doubt that the world’s leading economies are working cohesively to beat the spiralling crisis.

In a statement following the group’s meetings, President Bush said the group would support and prevent the failure of systemically important financial institutions, provide robust protection for retail bank deposits and ensure financial institutions were able to raise capital.

Mr Bush said the group had recognised that what affects Wall Street also affected “Main Street” and conceded that the crisis was now truly global and therefore required collaborative action.

“We’re in this together, we’ll come through it together,” he said.