World leaders have called for urgent action to tackle the global financial crisis, including radical reforms to institutions like the UN.
The world's financial meltdown has dominated the UN General Assembly in New York where Prime Minister Kevin Rudd is among those gathered.
US President George W. Bush, making his farewell speech to the 192-member assembly, assured worried world leaders his administration and the US Congress would approve an emergency $US700 billion dollar Wall Street bailout.
“I assure you that my administration and our congress are working together to quickly pass legislation approving this strategy.
“I’m confident we will act in the urgent time frame required.”
Bush also called on the UN to focus more on results and aggressively rally behind young democracies like Georgia, Ukraine, Lebanon, Iraq, Afghanistan and Liberia.
French President Nicolas Sarkozy said wants an international summit by year-end to learn lessons from the crisis and rebuild a "regulated capitalism".
Speaking on behalf of the European Union at the UN, Sarkozy said the world's political leaders had to take the initiative to resolve the crisis threatening the global economy.
