The call for action has been loud and strong and finally the at Camp David Sarkozy of France, Jose Manuel Barroso of the European Commission George W Bush agreed that it was "essential that we work together".

The first of these summits will be held in the US in November in a bid to save the world's financial system for meltdown.

At his speech at Camp David, President Bush went on to invite all world leaders to the global summit in order to discuss the best way to respond to the current economic slowdown.

His main argument is that the global financial system needs a re-think in order to safeguard the foundations of capitalism and the free market.

President Sarkozy however saw the worldwide crisis in a more positive light as he described it as a "great opportunity" to build the capitalism of the future, leaving a more sustainable footprint.

Specific focus will be placed on regulation as Mr Sarkozy said the hedge funds, tax havens and financial institutions should be supervised so that they are not the cause of future destabilization.