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Bush: Summit Leaders Agree To Cooperate Better

Leaders Seek To Prevent Future Economic Crisis

POSTED: 6:21 am MST November 15, 2008
UPDATED: 2:53 pm MST November 15, 2008

President George W. Bush said Saturday that leaders at the world economic summit made great strides toward adapting their financial systems "to the realities of the 21st century."

President Says Solutions Needed For 2000s

He said leaders at this weekend's meeting in Washington agreed to work together to keep the economic crisis from getting worse.

Among other things, leaders from nearly two dozen countries agreed to reform global financial institutions such as the World Bank and the International Monetary Fund. Bush said they'll also take "a fresh look" at rules governing market manipulation and fraud.

Bush also said he and other world leaders have agreed to coordinate and modernize their financial systems to keep the economic crisis from getting worse.

The outgoing president said he's been keeping the incoming president informed. The group of world leaders will meet again after President-elect Barack Obama takes office on Jan. 20.

The so-called G-20 leaders said in their final declaration that they would meet again by April 30, 2009, to review the progress on the initiatives announced Saturday, CNN reported.

Meanwhile, Obama is urging Congress to get moving on an economic rescue plan that, among other things, will extend jobless benefits.

In the Democratic Party's weekly radio address, Obama said if Congress doesn't pass a plan during a session next week it'll be his first priority upon taking office.

The radio address was also videotaped and can be seen online through a YouTube link to Obama's transition Web site, change.gov. Obama plans to continue to record online videos of the addresses after he takes the oath of office in January.

Obama said the U.S. is in "the greatest economic challenge of our times." But he also expressed optimism the nation will "rise to the moment."

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