At the U.N., leaders call for new rules for global markets, Lula

French President Nicolas Sarkozy proposed that the Group of 8, which includes the United States and many of its wealthy allies, take up the task at a special summit in November, with the added presence of China and other developing nations.

"No country, however powerful it may be, can bring an effective answer to the financial crisis on its own," Sarkozy said.

A summit of the kind he proposed would have no authority but could strive for consensus on standards for governments and international financial institutions.

Neither the French president nor other speakers offered a detailed plan for reform. But Sarkozy, who is leading the European Union, said the problem began with hedge funds and could be addressed, for starters, with a closer regulation of credit ratings agencies.

"Let us build together a regular, regulated capitalism, where entire sections of financial activity are subject not solely to the assessment of market operators . . . where credit agencies are controlled and punished when necessary, where transparency . . . replaces opaqueness."



Final appearance

Bush was making his final U.N. appearance in a presidency marked by testy relations with the world body, notably over his decision to go to war in Iraq without a Security Council resolution. His low-key speech Tuesday repeated old themes, including an appeal for firmer action against terrorism, which he called "the fundamental challenge of our time."

The words terror, terrorist or terrorism came up 32 times in his 22-minute address, which drew a few seconds of polite applause in the giant hall.

Alarm over the financial meltdown dominated the 28 other speeches Tuesday, making Bush sound out of sync.

"He opted to talk again about terrorism," Brazilian President Luiz Inacio Lula da Silva told reporters. "The economic crisis . . . is the most important thing at this moment."

Lula and other leaders from developing nations demanded a stronger voice in decisions that shape the world economy. They described the pain of food and fuel price increases.