Bush: Financial system needs reforming.

The President of the United States, George W Bush, has admitted that the financial system needs reforming.



However, he is insisting that the credit crunch was not a failure of the free-market system.



Mr. Bush says that while financial markets did need some new regulation and more transparency, free trade should not be restricted.



His comments come before world leaders meet in Washington on the weekend to discuss the global economic downturn.



Mr Bush is calling for improved accountancy rules, better co-ordination of national laws and regulations, and making the World Bank and the International Monetary Fund more representative.