World's richest countries pledge to fix economy.

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World's richest countries pledge to fix economy.

The world's richest countries committed to "any further action that may prove necessary" to restore confidence in the global financial system, their finance ministers said as they wrapped up a two-day meeting in Rome.

The Group of Seven finance ministers also urged countries not to close their markets to goods and services from abroad.

"An open system of global trade and investment is indispensable for global prosperity," they said in a statement at the end of their meeting Saturday. "Protectionist measures... would only exacerbate the downturn" in the worldwide economy.

The ministers said the global banking crisis had revealed "fundamental weaknesses in the international financial system" and called for urgent reform.

New U.S. Treasury Secretary Timothy Geithner, making his international debut at the meetings, called on governments to focus on stabilizing and strengthening financial systems and help restart the flow of credit.





"Although the precise mix of measures must be tailored to each country's situation -- our financial systems are different, (the) structures of our systems are very different -- there is a common recognition of more capital and government financing to help restart credit markets," he said.
 
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