Put under pressure by the collapse of major stock exchanges and the first signs of a contagion of the crisis in the real economy, the leaders of seven major industrialized countries want to act more collectively.
Their ads spectacular, but sometimes erratic, have been able to restore confidence. Given the seriousness of the situation, they not hesitate to break taboos such as the nationalization of banks, even let the public deficit.
"Everyone recognizes that this is a serious global crisis and therefore it requires a serious response to global," said Bush at the White House at the end of a meeting with finance ministers of the G7, the World Bank president and CEO of the IMF.
Friday evening, the G7 Finance has adopted a plan of action for five points, with the ambition to unblock the money markets, enable banks to raise capital from public and private sectors and unlock the real estate credit market.
"There is nothing there to calm the markets, no substance to achieve," regretted Peter Morici, professor at the University of Maryland, among other observers, after the final communique of the G7.
However, Europeans, which must define a coordinated plan to implement the principles of G7 Finance, could announce the concrete Sunday at a meeting in Paris of Heads of State and Government of the euro area (Eurogroup ). They could agree on an entry larger European states in the capital of banks, according to the French Minister of Economy, Christine Lagarde.
Accused of having done it alone at the beginning of the crisis, rejecting any plan to rescue global banks, Germany seems to have turned around to align with its European partners. Berlin announced Friday a national plan to support the banking sector, similar to that proposed by London.
Saturday, the Franco-German has shown its unity.
"The analysis of the crisis, we are doing together. The implications (...) is subject to a perfect identity of views between Germany and France," said President Nicolas Sarkozy, who received Chancellor Angela Merkel.
Another pledge of better coordination: the head of the French government announced it would receive British Prime Minister Gordon Brown Sunday at the Elysee before the meeting of the Eurogroup, while Britain is not part the euro area.
The summit also meet European Commission President José Manuel Barroso, and ECB President Jean-Claude Trichet.
"There is no national solution to a crisis like this," warned Thursday the Director General of the International Monetary Fund, Dominique Strauss-Kahn. He called for "coordination", adding that this did not necessarily take the same measures in all countries ".
For its part, Iceland, one of the countries most affected by the crisis, seemed poised to settle its disputes banking abroad after the announcement of an agreement on the repayment of a bank savers Icelandic the Netherlands and a "significant progress" with London on a similar dispute.
First exchange to operate since the G7 meeting, the Saudi Stock Exchange opened its week by losing 6% Saturday, passing under the 6000 points, the lowest for more than four years. But this decline is probably also due to the continued decline in oil prices past $ 80 in the New York and 75 dollars in London.
Neither lower interest rates, nor the massive operations support to banks on public funds and guarantees of deposits taken by governments, or calls for calm major international argentiers have so far managed to stem the panic .
The world's major exchanges have lost about half their value since the beginning of the year. This week, falling further by nearly 20%, New York, London and Paris have suffered the biggest weekly loss in their history.
Referring to the errors committed during the 1929 crisis, when the individual policies of major nations had led the world to the disaster, President Bush has pledged not to repeat them.
"This time things are different: the leaders gathered in Washington this weekend are all working to achieve the same objectives," he assured.
U.S. Treasury Secretary Henry Paulson has planned Friday evening to use part of $ 700 billion allocated by Congress to take direct stakes in financial institutions.
This recipe used in recent weeks in Europe, would be a first in the United States since the crash of 1929.
The commitment of major Argentia and central bankers of the G7 to prevent bank failures is an important message "extremely strong", said Ms. Lagarde.
This should avoid the disappearance of a giant like Lehman Brothers, that the Bush administration had failed on September 15, precipitating the crash.
But the bankruptcy of banking institutions continue to rank second in the USA. Friday evening, U.S. authorities announced the bankruptcy of two regional banks in Michigan and Illinois, the 14th and 15th bankruptcy in 2008.
After the G7 Finance, Washington should welcome Saturday afternoon at 22H00 GMT from a meeting of G20 brings together ministers and central bankers of major wealthy and emerging economies.
The Kenyan finance minister, John Michuki, who publicly questioned would "compensate the innocent" victims of the financial crisis at a press conference at IMF headquarters.( Finance Information City )
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