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World financial leaders endorsed an action plan announced by the seven leading advanced economies to combat the international financial crisis in what IMF Managing Director Dominique Strauss-Kahn called the "first big success in coordination" to halt the downward spiral in world markets and support the global financial system.
The International Monetary and Financial Committee (IMFC), the policy-setting body representing the IMF's 185 member countries, met on October 11 amid increasing strains in the global financial system caused by the spreading credit crisis triggered by the U.S. subprime meltdown.
At the end of a hectic day of discussions, the IMFC endorsed a plan of action announced on October 10 by the Group of Seven (G-7) advanced economies. IMFC chairman Youssef Boutros-Ghali said the meeting showed the "resolve, unity, and focus" of the world community to address the crisis and that "no tools will be spared" in addressing it [Watch a video interview with the new IMFC chairman]....