The leaders of the G20 first met to discuss the economic crisis in Washington D.C. on November 15th.

Since that time, countries around the world have tried all available means to stem the spread of the crisis and revive a sagging global economy.

Many countries have initiated a variety of stimulus measures and bailout plans to restart the sluggish global economy.

The US Congress approved a massive stimulus package worth US$787 billion in February.

Leaders of the European Union member states sealed a 200-billion-euro, or US$265 billion pact last December.

Japan unveiled a new 23 trillion yen package in December to spur its economy, bringing the government's total stimulus spending to more than US$550 billion.

And Chinese government unveiled a 4 trillion yuan, or US$586 billion economic package last November.

Apart from fiscal policy, governments have also made better use of monetary policy, rate cuts being one of the most frequently used instruments, in their bid to exert influence on economics.

At its latest policy-making meeting, the US Federal Reserve held its key interest rate unchanged at a record low of between zero to 0.25 percent.

The European Central Bank cut its key interest rate to 1.25 percent.

Japan's central bank cut its key interest rate to 0.1 percent last December.

And Brazil's Monetary Policy Committee cut the country's annual basic interest rate by 1.5 percentage points, to 11.25 percent.

As the global financial crisis worsens, governments around the world have come to realized that joint efforts are necessary to tackle the global meltdown.

There is a growing consensus that in the era of globalization, international financial cooperation is one of the most effective ways to help establish a new and effective global financial system.

(CCTV April 3, 2009)