World leaders at the G20 financial summit in Washington have pledged to work together to restore global growth.
They said they were determined to work together to achieve "needed reforms" in the world's financial systems.
US President George W Bush said that finance ministers would now work on detailed reform proposals, and then report back.
Leaders of emerging economies said the summit marked a historic shift of power away from the richer countries.
Mr Bush's successor in the White House, Barack Obama, said in a statement that he was ready to work "together on these challenges" with the G20 when he takes office in January.
"The president-elect believes that the G20 summit... is an important opportunity to seek a coordinated response to the global financial crisis," said a statement issued in his name.
The meeting brought together leading industrial powers, such as the US, Japan and Germany, and also emerging market countries such as China, India, Argentina, Brazil and others - representing 85% of the world economy.
For the leading emerging economies, the significance of this G20 summit was clear - they now have to be taken into consideration in the management of the global economy.
The emerging economies have to be taken into consideration in today's globalized world
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