Global leaders at the G20 financial summit in Washington have pledged to work together to restore global growth.
They said they were determined to work together to achieve "needed reforms" in the world's financial systems.
Britain's Prime Minister, Gordon Brown, said the agreements reached by leaders were "historic".
US President George W Bush said that finance ministers would now work on detailed reform proposals, and then report back.
The meeting brought together leading industrial powers, such as the US, Japan and Germany, and also emerging market countries such as China, India, Argentina, Brazil and others - representing 85% of the world economy.
For the leading emerging economies, the significance of this G20 summit was clear - they now have to be taken into consideration in the mangement of the global economy.
Brazil's President, Luiz Inacio Lula da Silva, said: "We are talking about the G20 because the G8 doesn't have any more reason to exist."
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