Finance ministers and central bankers meeting in Washington are calling on the European Union to take quick action to tackle the eurozone debt crisis.
Ministers are meeting alongside the IMF and World bank to discuss measures to support the world economy.
US Treasury Secretary Timothy Geithner said EU governments must act to prevent a "cascading default" in the eurozone.
The Chinese central bank governor and Brazil's finance minister have also called for action to tackle the crisis.
Global concerns
The meeting in Washington follows warnings from the IMF and the US Federal Reserve that the global economic recovery is at risk.
Mr Geithner called for the European leaders to take stronger steps to prevent what he called "the threat of cascading default, bank runs and catastrophic risk" if some European nations default on their debts.
Governments from emerging economies have also expressed their concerns that financial instability in the West may de-rail the global recovery.
Brazil's finance minister, Guido Mantega, called on eurozone leaders "to ensure their actions stop contagion beyond the euro periphery" of Greece, Ireland and Portugal which have already received bailouts.
Chinese central bank governor Zhou Xiachuan warned that all nations with large deficits - including the US and Japan should reduce spending.
"The sovereign debt crisis must be resolved promptly to stabilise market confidence, and forced and credible consolidation measures are needed in relevant economies," he said.
Speaking in New York to the United Nations the Indian Prime Minister, Monmohan Singh, said the global recovery had failed to take hold.
"In many respects the crisis has deepened further," he said.
9/25/11
Global leaders call for euro debt actionean Union to take quick ac
1:11 AM
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