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World powers pledge to combat credit crisis

(Agencies)
Updated: 2008-10-11 20:45

French Finance Minister Christine Lagarde called it a "coordinated, synchronized and rightly timed approach" while German Finance Minister Peer Steinbrueck said that quick implementation was critical because "the downward spiral is picking up speed."

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An even larger Group of 20 countries - which include the wealthiest and the world's biggest developing nations such as China, Brazil and India - will meet with Paulson on Saturday evening.

The question of how countries can deal with the spreading financial crisis was dominating discussions at the weekend meetings of the 185-nation International Monetary Fund and its sister lending institution, the World Bank.

Mark Zandi, chief economist at Moody's Economy.com, said he believed that markets will stabilize in coming days as long as the new programs produce positive results in getting credit flowing again.

"At this point, policymakers have said a lot and done a lot. Now markets will want to see whether it will work," Zandi said.

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