A Japanese businessman looks back a digital stock indicator in Tokyo Monday, Oct. 6, 2008. Japanese stocks sank Monday to their lowest finish in nearly five years on growing worries about a global economic slump despite the passage of a U.S. financial bailout package. The benchmark Nikkei 225 index lost 465.05 points, or 4.25 percent, to close at 10,473.09 _ its lowest finish since February 2004. (AP Photo/Koji Sasahara)
World leaders will gather Nov. 15 in Washington for a summit to discuss the global economic crisis.
A senior administration official said Wednesday that the forum will be the first in a series of international meetings to discuss what economists predict could be a long and deep downturn.
President Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso issued a statement last weekend that said the first such summit would focus on progress being made to address the current crisis and reforms needed to avoid a repetition of the problems. The later summits will be designed to implement specific steps on the principles of reform.
The location of the summit has not been announced.