French President Nicolas Sarkozy has proposed a G8 summit to tackle the global financial crisis as his Brazilian counterpart urged for a sweeping reform of multilateral economic bodies.
The world's financial meltdown took centre stage as the UN General Assembly kicked off its annual debate, with UN chief Ban Ki-moon stressing the need to 'restore order to the international financial markets.'
US President George W Bush, making his farewell speech to the 192-member assembly, meanwhile assured worried world leaders that his administration and the US Congress would approve an emergency $700bn Wall Street bailout 'in the urgent timeframe required.'
In his remarks, Mr Sarkozy said world leaders most directly concerned by the issue had a duty 'to meet before the end of the year to examine together the lessons of the most serious financial crisis the world has experienced since that of the 1930s.'
He later told a press conference that he had in mind a 'G8 format', referring to the eight leading economic powers, that could be opened to 'emerging countries.'
He also called for a new system in which 'those who jeopardise people's savings are punished.'
And Brazilian President Luiz Inacio Lula da Silva stressed that 'the global nature of this crisis implies that the solutions that we adopt must also be global.
For his part, the UN chief called for 'a new understanding on business ethics and governance, with more compassion and less uncritical faith in the 'magic' of markets.'
Just four months before he leaves office at the end of his eight-year run at the White House, Mr Bush also accused Syria and Iran of backing terrorism and levelled some of his toughest-yet criticism at Moscow over its war with Georgia.
The US leader also urged the world body to fully implement sanctions against North Korea and Iran over their nuclear programs.
Iranian President Mahmoud Ahmadinejad was to address the Assembly later in the day
This morning he accused the US of encircling his country, and said Washington was the real threat to world stability.
In an interview with National Public Radio, he firmly placed the blame for world tensions on Washington.
