Bush to host global economic summit

U.S. President George W. Bush announces he will host a summit of global leaders on the financial crisis

US President George W. Bush met French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso at Bush's Camp David presidential retreat in Maryland.

He said he looked forward to hosting a global summit on the financial crisis.

But despite the financial debacle he said the basic principles of democratic capitalism should be respected.

SOUNDBITE: U.S. President George W. Bush saying: (English)

"As we make the regulatory and institutional changes necessary to avoid a repeat of this crisis it is essential that we preserve the foundations of democratic capitalism -- a commitment to free markets, free enterprise and free trade. We must resist the dangerous temptation of economic isolationism and continue the policy of open markets that have lifted standards of living helped millions of people escape poverty around the world. This is a trying time for all our nations. I am confident we will overcome the challenges we face."

French President Sarkozy whose country now holds the rotating presidency of the European Union said a summit would provide an opportunity to reassess the entire global financial system.

SOUNDBITE: French President Nicolas Sarkozy saying: (French)

"Mr. President George, thank you for inviting us. We, by that I mean, myself and President Barroso have a mandate from the 27 countries of the European Union to come here and say first and foremost that this is a world-wide crisis and we need to find a world-wide solution."

In his speech President Sarkozy said the present crisis could be a great opportunity if the world did not fall back on the practises of the past which had lead to the present crisis.

He said change was needed to prevent a repeat of the present disaster.

He underlined that those who made mistakes must bear the responsibility.

He said it was urgent to hold the summit soon because the crisis was so serious and a new global solution was required to replace the type of capitalism which had lead to the economic meltdown.

U.N Secretary-General Ban Ki moon has offered the U.N. headquarters in New York for a meeting that should take place in early December at the latest.

Penny Tweedie, Reuters.