World leaders pledge to combat global crisis

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European and Asian markets on Monday didn't think much of the lengthy action plan world leaders came up with over the weekend to address a sagging global economy.

The plan was produced at a weekend meeting of leaders of the Group of 20, which included the world's wealthiest countries such as the United States, Japan, Germany, Britain and France plus emerging powers such as China, Russia, Brazil and India.

But analysts say it will take more than one meeting to turn the tide for a global economy undergoing its worst upheavals in decades.

"To put it harshly, there is little point in trying to figure out ways to prevent a disease once a patient is sick," Credit Suisse Japan analyst Shinichi Ichikawa said in a report released Monday. "The just-concluded summit came up with no specific prescription to alleviate the effects of the most serious international financial crisis."

T.J. Bond, a Merrill Lynch economist in Hong Kong, said some investors were disappointed there was no explicit announcement of coordinated fiscal stimulus measures.

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