Financial ministers from the G 20 group of leading economies called a meeting on Saturday to discuss solutions for the global economic meltdown . The G 20 countries gathered in Washington have all agreed to support a five - point action plan to stabilize the financial system . The plan vaguely contains the ways to help resuming frozen markets for mortgage - backed securities and calming fluctuating stock markets . The G 7 group of nations on Friday decided to take “ an aggressive action plan ” to fight against a worsening global financial crisis , however , their meeting ended with no specific measures that day . Bush , who made a surprise visit Saturday at a G 20 meeting of finance ministers and central bankers , stressed that a global response is necessary in order to overcome the challenges that the world ’ s major economies are currently facing . However , he did not announce any new proposals to stem the financial panic around the globe after the meeting . According to a joint statement issued on Saturday , the G 20 , made up of rich and emerging nations that produce 90 percent of the world ’ s economic output , will work together “ to overcome the financial turmoil and to deepen cooperation to improve the regulation , supervision and the overall functioning of the world ’ s financial markets . ” , reported AP . The officials announced that the group will meet again in Sao Paulo , Brazil in November . [ JYJ ] [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]