Bush: Actions having 'impact,' need time

WASHINGTON, Nov. 14 (UPI) -- U.S. President George W. Bush said Friday the actions of world leaders "are having an impact" on the global financial crisis but will "require more time."

In his weekly radio address -- released one day early by the White House -- Bush said leaders of developed and developing nations meeting at a summit in Washington "can overcome this crisis and return our economies to the path of growth and vitality."

"Nations around the world have responded to this situation with bold measures, and our actions are having an impact," the president said. "Credit markets are beginning to thaw and businesses are gaining access to essential short-term financing. It will require more time for these improvements to fully take hold and there will be more difficult days ahead, but the United States and our partners are taking the right steps to get through the crisis."

Bush called for "broader reforms to adapt our financial systems to the 21st century." He said reforms will require government action around the world but cautioned that "government intervention is not a cure-all."

"While reforms in the financial sector are essential, the long-term solution to today's problems is sustained economic growth," he said. "And the surest path to that growth is free markets and free people."

Bush said Americans "can be confident in the future of our economy" in the long run.