U.S. President George Bush announced that he will host a summit of world leaders in the near future to discuss the global financial crisis.
But he said that any financial reform should not come at the expense of democratic capitalism and free enterprise.
"As we make the regulatory institutional changes necessary to avoid a repeat of this crisis, it is essential that we preserve the foundations of democratic capitalism -- commitment to free markets, free enterprise and free trade," Bush said.
Bush made the announcement with French President Nicolas Sarkozy and European Commission President Jose Manual Barroso at Camp David and said it's essential that world leaders work together.
The proposed Bush summit is expected to focus on ideas to prevent another financial-sector meltdown like the current credit crisis.
Sarkozy has called for an ambitious overhaul of the global financial system, as have other European Union leaders. The U.S. signalled before the meeting that the Camp David talks won't create any new policy proposals.
World leaders have already held several meetings in North America and Europe over the past month to address the global credit freeze. Several governments, including the U.S., have passed massive multi-billion dollar bailout packages for their banking and financial sectors.
Despite the efforts, global stock markets have plunged several times since the crisis hit in mid-September. The TSX had a strong showing Friday to end on a high note after a rollercoaster week that saw stocks plummet, bounce back and drop again. The S&P/TSX composite index closed at 9,539.14, up 2.90 per cent.
But in the U.S., market volatility remained apparent at the close of the trading week. New York's Dow Jones industrial average lost 127.04 points, closing at 8852.22 The Nasdaq composite index was down 6.42 points closing at 1,711.29 on Friday.
In his weekly radio address on Saturday, Bush said he expects the economy to "bounce back."
"The federal government has responded to this crisis with systematic and aggressive measures to protect the financial security of the American people," Bush said. "These actions will take more time to have their full impact. But they are big enough and bold enough to work."
On Friday, Bush praised recent European efforts to stop the economic bleeding. Several European governments have announced that they'll infuse public money into their banking systems.
