Governments from the Group of Seven top economies are to ask the G7's financial stability watchdog to give a report on the credit market crisis to its October meeting of finance chiefs.
Writing in the Financial Times, the US Treasury's under-secretary for international affairs, David McCormick, and its undersecretary for domestic finance, Robert Steel, said the US planned to work with its G7 counterparts to assess the causes of recent market uncertainty and "determine appropriate actions."
"This report's recommendations will be an important input towards targeted, balanced and multilateral action," they wrote.
The authors said Treasury Secretary Henry Paulson and the rest of the G7 would ask the group's Financial Stability Forum - a group of finance ministers, central bankers and regulators set up after the emerging market crises of the late 1990s - to examine the main issues.
