Calling for co-ordinated action among developed nations to tackle the ongoing financial turmoil, US President George Bush on Saturday said one country's action should not undermine or contradict other's."As our nations carry out this plan, we must ensure the actions of one country do not contradict or undermine the actions of another. In our interconnected world, no nation will gain by driving down the fortunes of another," Bush said speaking at the White House after meeting the finance ministers of G-7 countries. Pointing out that a joint interest rate cut earlier this week was a good example of effective cooperation, Bush said, "... as our nations confront challenges unique to our individual financial systems, we must continue to work collaboratively and ensure that our actions are coordinated. However, he emphasised US has a special role to play in leading the response to this crisis... and that is why our government will continue using all the tools at our disposal to resolve this crisis. Noting that other G-7 countries are taking strong measures, Bush said that Finance ministers and central bankers have acted to provide new liquidity to markets, strengthen financial institutions, protect citizens' savings, and ensure fairness and integrity in the financial markets.
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