Bush talks to European leaders about the economy

President Bush on Tuesday said he was in “close contact” with European leaders regarding the economic crisis that has affected markets all over the globe. 

Bush, speaking about the economy in Virginia, said it is important to work together to combat the crisis.

{mosads}“I was on the phone with them this morning to ensure that our actions are closely coordinated,” the president stated. “We live in a globalized world; we want to make sure that we’re effective at what we do.”

Bush noted that G-7 finance ministers will be in Washington this week “to make sure that the response is coordinated.”

The president outlined what had caused the current downturn and sought to reassure the country that the necessary steps are being taken to help the ailing economy. He especially touted passage of the Wall Street rescue measure he signed into law Friday. However, he also stressed that “it’s going to take time for these actions … to have full effect.”

“Thawing the freeze in the financial system is not going to happen overnight, but it will be a process that unfolds over several stages,” Bush added.