Finance ministers and central bankers from the Group of Seven (G7) countries released a statement after their meeting in Rome on Saturday.
The G7 predicted a "severe" economic slump that will persist for most of 2009. The G7 stated their aim to tackle the crisis, working to restore confidence in markets and revive the world economy. They predicted the full effect of individual countries' rescue packages will build over time.
US treasury secretary Timothy Geithner addressed G7 and discussed his plan to rescue the US financial system. He was urged to press ahead with the effort to clean up toxic assets and revive lending.
The G7 stated that the stabilisation of the global economy and financial markets remains their highest priority.