WASHINGTON (CNN) -- U.S. President George W. Bush plans to host French President Nicolas Sarkozy and EU President Jose Manuel Barroso at Camp David on Saturday to discuss the global financial situation.
"Certainly expects that the global financial situation will be at the top of the agenda," National Security Council spokesman Gordon Johndroe said earlier this week.
The three men would meet before dinner at the Maryland retreat to discuss a variety of issues.
Sarkozy and Barroso were in Quebec, Canada, on Friday for the Canada-EU Summit, as well as the opening of the annual Francophonie Summit of French-speaking nations.
Meeting with Canadian Prime Minister Stephen Harper, Sarkozy and Barroso later called for an international summit by the end of this year to address the global financial crisis.
On Friday, a day of volatility in the world markets, Bush called government interventions in the financial system necessary to ward off a wider economic crisis.
U.S. markets ended a choppy session with a decline. European markets slid early but bounced back to end higher. Major Asian markets also largely closed down.
Bush said: "The U.S. government is acting, and we will continue to act, to resolve this crisis and return stability to our markets."
His comments came as more bad economic news emerged -- this time from the U.S. construction industry with the number of new build homes sliding to a 17-year low.
Applications for building permits are considered a reliable sign of future construction activity, and the sharp fall indicates that home building will continue to be a drag on the economy.
Bush said: "This is an anxious time, but the American people can be confident in our economic future."
n a speech to the U.S. Chamber of Commerce he said the government is coordinating its efforts with other countries. He added it had taken "credit markets time to freeze" and it would take them "time to thaw."
"If the government had not acted, the hole in our financial system would have gotten larger," he said.
Governments around the world have moved to take stakes in banks and pump more cash into loan markets to boost confidence.
On Friday, Germany's upper house of parliament unanimously voted to adopt a $670.7 billion stabilization package for the country's economy.
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