World leaders are gathering Friday and Saturday in Washington to grapple with the global financial crisis. There are conflicting ideas about how to deal with the problem, what reforms are needed and what should fall under global regulations. A look at the approaches advocated by various countries:
President George W. Bush says the free market is the best answer to the world's economic crisis, preemptively warning foreign leaders not to crush global growth with the weight of intrusive oversight.
"We must recognize that government intervention is not a cure-all," Bush said Thursday, setting his own tone for the summit. "Our aim should not be more government. It should be smarter government."
The president acknowledged that governments and independent regulators have failed consumers, contributing to an economic mess that spread like disease across economies and into homes.
Bush spelled out his prescription for the fix, from tougher accounting rules to more modern international financial institutions. But it stopped short of the tighter oversight that Europeans want or of forcing financial companies and their products to come under tough new regulations.