New York - UN Secretary General Ban Ki-moon on Saturday welcomed the agreement reached by the leaders of the Group of 20 nations to better regulate global financial markets.

Ban praised "the agreement on the international coordination of stimulus packages, a move he had advocated in his remarks at the White House, also new market regulation to avoid future crises, more inclusive new economic governance, and the need to avoid trade and investment protectionism," his spokesperson said in a statement released in New York.

Washington  - The International Monetary Fund (IMF) on Saturday said leaders of the world's top 20 economies took a significant step toward resolving the global financial crisis but cautioned that critical reforms in governance were needed for there to be any lasting impact.

Leaders of the Group of 20 nations - a mix of wealthy and developing countries - met for the first time ever at an emergency summit in Washington in a nod to the increasing clout of emerging economies like China, India and Brazil.

Washington - Representatives of US president-elect Barack Obama said Saturday after meeting with leaders of some of the nations gathered in Washington to address the global economic crisis that he would continue to work with world leaders on the matter after he takes office.

Obama did not attend the summit of the leaders of Group of 20 nations hosted by President George W Bush in Washington, stressing that he is not yet the US leader. Instead, he sent former secretary of state Madeleine Albright and former congressman Jim Leach to meet with world leaders on his behalf.

Washington - World Bank president Robert Zoellick greeted the commitment to poorer countries made at an emergency financial summit Saturday and urged a "global, coordinated and fast response" by world leaders.

Zoellick released his statement after the leaders of the so-called G20 group, which included wealthy nations and emerging economies like China and India, agreed to close up gaps in financial system regulations that have brought the global system to the brink of meltdown.

Washington - The world's 20 top economies pledged to better regulate global financial markets and take steps to halt a global economic slide at an emergency summit hosted by US President George W Bush in Washington.

The action plan agreed to at the meeting includes a call for beefing up regulation of the world's financial system and bolstering government spending to spur economic growth at a time when the global economy risks sliding into recession.

"We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," said the Group of 20 (G20) leaders which includes the world's advanced economies as well as the leading emerging economies.

Washington - French President Nicolas Sarkozy, current president of the European Union, Saturday praised European unity at the emergency financial summit in Washington.

"Europe stands together unified as if one person," Sarkozy told reporters in French. There were "absolutely no problems."

He called the adoption by the G20 of financial principles and commitment to tighter regulations in the future a "historic agreement" to reform the world finance system.