We are at the beginning of a long road to a lasting, peaceful era. Mikhail Gorbachev

The Malta summit is being hailed as the most important since 1945 when Churchill, Stalin and Roosevelt agreed a post-war plan for Europe at Yalta.

The two men have met face-to-face for the first time against a backdrop of fast-moving change in Eastern Europe.

In the past few weeks Hungary has opened its borders with the West, the Berlin Wall has fallen, followed by the government of Czechoslovakia. Only yesterday the fledgling East German government of only seven weeks was also forced to resign.

Both leaders spoke hopefully of the changes sweeping Eastern Europe - but they also spoke of the need for caution, particularly with regard to the future of Germany and the prospect of reunification.

Mr Bush said: "It is not for the United States to dictate the pace of change in Germany or anywhere else."

Mr Gorbachev said: "The world is leaving one epoch and entering another. We are at the beginning of a long road to a lasting, peaceful era.

"The threat of force, mistrust, psychological and ideological struggle should all be things of the past."

The summit was not all plain sailing. High winds and heavy seas yesterday left the American president stranded aboard his cruiser in Marsaxlokk Bay.

An afternoon session of talks had to be abandoned while the Russians waited in vain for Mr Bush to arrive on their ship, the Maxim Gorky, which was moored in a calmer position.

A joint dinner was also cancelled as the president remained marooned.

A final eight-hour round of talks was held today aboard the Maxim Gorky, during which differences emerged over policy on Central America and cuts in naval forces.

Mr Bush is due to brief NATO leaders in Brussels, where he will fly tonight. Mr Gorbachev will address members of the Warsaw Pact tomorrow.

The two men have agreed to hold another summit in June next year.

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