US President George W. Bush said Saturday morning that seven Western countries -- the so-called Group of Seven industrialized countries (G7) -- will work together to cope with the current financial crisis spreading around the globe.

G7 finance ministers pose for a group photo after their meeting at the Treasury Department in Washington, The United States, October 10, 2008. (L-R) are: Jim Flaherty of Canada, Christine Lagarde of France, Peer Steinbrueck of Germany, U.S. Treasury Secretary Henry Paulson, Italy's Economy Minister Giulio Tremonti, Shoichi Nakagawa of Japan, Britain's Chancellor of the Exchequer Alister Darling and Eurogroup Chairman Jean-Claude Juncker.[Zhang Yan/Xinhua]

"All of us recognize that this is a serious global crisis and therefore requires a serious global response," Bush told reporters after a meeting with economic chiefs of the G7.

"I'm confident that the world's major economies can overcome the challenges we face," he stressed, noting the US will use all the tools at its disposal to deal with the crisis.

U.S. President George W. Bush arrives in the Rose Garden at the White House to makes a statement on the economy in Washington, Oct. 10, 2008. [Xinhua/Reuters]

Bush warned against the protectionist measures taken by some countries in response to the crisis.

"There have been moments of crisis in the past when powerful nations turned their energies against each other, or sought to wall themselves off from the world," said the US president.

"This time is different: the leaders gathered in Washington this weekend are all working towards the same goals," he said, "We're in this together, we'll come through it together."

"As our nations confront challenges unique to our individual financial systems, we must continue to work collaboratively, and ensure that our actions are coordinated," he noted.

"We must ensure the actions of one country do not contradict or undermine the actions of another. In an interconnected world, no nation will gain by driving down the fortunes of another," he warned.

(Xinhua News Agency October 12, 2008)