Washington - US President George W Bush on Thursday called for overhauling the "outdated" regulatory structures of the financial industry in light of a massive global credit crisis, but warned against reinventing the free market system that has spurred economic growth for decades.

Speaking ahead of an emergency Washington summit of the world's 20 leading economies, Bush offered a broad defence of US-style capitalism and free markets, warning leaders to fix the flaws exposed by the financial crisis rather than abandon the system wholesale.

New York - UN Secretary General Ban Ki-moon on Thursday urged the G20 summit in Washington to demonstrate its resolve to find solutions to the deepening financial crisis affecting countries around the world.

The summit on Saturday was called by the White House at the urging of European leaders to work out solutions to the current financial crisis.

Frankfurt - The European Central Bank (ECB) pushed Thursday for tougher regulation of financial markets and closer links among central banks as remedies for the global financial crisis.

Lucas Papademos, the ECB deputy president, told a conference, "The worst financial crisis in decades has made clear that coordination between central banks and regulators is necessary."

He was speaking at a meeting in Frankfurt of European central bankers on the lessons and challenges posed by the euro.

Cannes, France - The World Trade Organization does not work properly and Russia will not join it if the conditions for accession are "humiliating," Russian President Dmitry Medvedev said on Thursday ahead of a summit with European Union leaders.

Rotterdam- ­ Former world leaders meeting in the Dutch city of Rotterdam this week have urged the leaders of the G20 who will meet in Washington next week, to reform the world's existing financial system.

A statement released on Thursday by the General Assembly of the Club of Madrid said in-depth reform of the global financial architecture" is needed.