WASHINGTON - Leaders from the world's developed and major developing countries agreed Saturday on principles for financial market regulation with more transparency and international cooperation to avert future crises. The summit, billed as the first in a series, was attended by leaders from the Group of 20 and heads of the World Bank and International Monetary Fund, as well as the UN Secretary-General and the chairman of the Financial Stability Forum. The Group of 20 nations, which represent 85 percent of the world economy, issued a five-page communique that pledged to "take whatever further actions are necessary to stabilise the financial system." "We are determined to enhance our cooperation and work together to restore global growth and achieve needed reforms in the world's financial systems," the G20 said after the crisis summit in Washington's National Building Museum. The G20 leaders tasked their finance ministers with drawing up by March 31 a list of financial institutions whose collapse would imperil global capitalism. That timeframe will go beyond the end of President George W Bush's term and into the administration of Democratic president-elect Barack Obama, who stayed away from the summit. As part of its six-point plan for tackling the financial crisis, the Group of 20 leaders said in a statement that market regulation remains a national responsibility but that harmonisation is needed to keep problems from spilling across borders. "Regulation is first and foremost the responsibility of national regulators who constitute the first line of defence against market instability," the G20 statement said. "However, our financial markets are global in scope, therefore, intensified international cooperation among regulators and strengthening of international standards, where necessary, and their consistent implementation is necessary to protect against adverse cross-border, regional and global developments affecting international financial stability." The statement said regulators "must ensure that their actions support market discipline, avoid potentially adverse impacts on other countries, including regulatory arbitrage, and support competition, dynamism and innovation in the marketplace." The G20 action plan calls for more disclosure on complex financial instruments and incentives aligned "to prevent excessive risk taking." Among stepped-up plans for bolstering regulation, the G20 said they would "exercise strong oversight over credit rating agencies, consistent with the agreed and strengthened international code of conduct." The statement added, "We commit to protect the integrity of the world's financial markets by bolstering investor and consumer protection, avoiding conflicts of interest, preventing illegal market manipulation, fraudulent activities and abuse, and protecting against illicit finance risks arising from non-cooperative jurisdictions." This includes information sharing, including with jurisdictions that have yet to commit to international standards on bank secrecy and transparency, the G20 said. Speaking to reporters earlier Saturday, Bush stressed that there was more work to be done to deal with the current global financial crisis. The US president said he was pleased with discussions that he had with other leaders during the working dinner in the White House on Friday evening, saying that the discussions were "good" and "frank." Secretary-General Ban Ki-moon urged G20 leaders to take speedy steps to ensure that the current financial turmoil does not deepen human suffering worldwide. The G20, an informal arena to facilitate dialogue between major industrial and emerging-market countries on key issues related to global economic stability, was founded on Sept. 25, 1999 in Washington. It serves as an international forum of finance ministers and central bank governors from 19 countries-Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the United States-the European Union and the Bretton Woods Institutions, namely the International Monetary Fund (IMF) and the World Bank. The group accounts for 85 percent to 90 percent of the world's total economy and about two-thirds of the world's population. It is the first time for the G20, which usually brought together finance ministers and central bank chiefs at annual meetings, to hold a head-of-state meeting in view of the worst economic crisis since 1930s. Agencies add: But in an interview with The Washington Post, Japanese Prime Minister Taro Aso called on nations such as China to offer more help to the IMF, which Saturday extended a bailout of at least 7.6 billion dollars to Pakistan. "It doesn't have to be Japan alone that would provide such funds," Also said, after announcing Friday that his government would lend as much as 100 billion dollars more to the IMF.