WASHINGTON - US President George W. Bush welcomed Nicolas Sarkozy on Saturday afternoon at his retreat in Camp David, Maryland, with a commitment to act as host of the international summit the French president has proposed to deal with the world financial crisis. "I look forward to hosting this meeting in the near future," Bush said as Sarkozy arrived from Quebec City, where he spent about 26 hours at the summit of the Francophonie. The US leader said the summit would include G8 industrialized countries and developing nations. "Together, we will work to strengthen and modernize our nations' financial systems, so we can help ensure that this crisis does not happen again," Bush said. "For this meeting to be a success, we must welcome good ideas from around the world." And the summit would make "a commitment to free markets, free enterprise and free trade." "We must resist the dangerous temptation of economic isolationism and continue the policies of open markets that have lifted standards of living and helped millions of people escape poverty around the world." Sarkozy, who currently holds the rotating European presidency, said he had a mandate for just such a meeting from the 27-member European Union. "This is a worldwide crisis and, therefore, we must find a worldwide solution," he said. The New York meeting would "build together the capitalism of the future," avoiding protectionism, which Sarkozy called "a catastrophe" "We wish to build a better world, a world of the 21st century," he added. "We wish to work hand-in-glove in building this world with you, but we must not waste any time. We want a summit." Sarkozy said the mistakes that led to the crisis must be corrected. "Hedge funds cannot continue operating as they have in the past," nor can tax havens, he said. "Financial institutions that were under no supervisory control - this is no longer acceptable." Dimitri Soudas, Prime Minister Stephen Harper's spokesman, told reporters Saturday Canada believes changes in the world financial system should be cautious. "It is also important to ensure that our interventions do not make the situation worse," Soudas said. "Our action should be robust but also prudent, and it is important not to cause permanent damage to the international financial system." Soudas said "several options are on the table," but Canada's banking system could be a source of inspiration for other countries. "One of the main reasons at present that the Canadian banking system remains solid is the way standards apply to the banking system," he said. "We see today that the government of Canada does not have to inject hundreds of billions of dollars to help its banking system." Resolving the financial crisis is the first priority, which should be followed by an international effort to update financial regulation, Soudas added. Harper supports Sarkozy's call for an international conference, as does United Nations Secretary General Ban Ki-Moon, who was an observer at the Quebec City summit.