United Nations Secretery General Ban Ki-moon addresses members of the 63rd General Assembly Tuesday, Sept. 23 2008 at the United Nations. [Julie Jacobson/AP]

President George W. Bush speaks during the 63rd United Nations General Assembly at U.N. headquarters in New York September 23, 2008. [Chip East/Reuters]

He warned isolation is not an option and nations must come closer together.

Ban Ki-Moon, UN Secretary-General, said, "The problems we face have grown much, much more complex. In this new world are challenges are increasingly those of collaboration rather than confrontation. Nations can no longer protect their interest or advance the well being of their people without the partnership of the West."

US President George W. Bush expressed similar views on global collaboration. He says cooperation is especially needed to address the current financial crisis.

George W. Bush, US President, said, "Our economies are more closely connected than ever before and I know that many of you here are watching how the United States government will address the problems in our financial system. In recent weeks we have taken bold steps to prevent a severe disruption of the American economy, which would have a devastating effect on other economies around the world"

French President Nicolas Sarkozy, who is also the rotating EU president, stresses there should be thorough and comprehensive financial reforms on a global scale. He suggests macro regulations are necessary, and governments should reconsider the current market system.

(CCTV September 25, 2008)