Chancellor calls for rapid action

Speaking to a number of European newspapers ahead of a meeting with finance ministers in Paris, Darling said that the UK "shared the objective [of France, Germany and Italy] of doing everything possible at government level, and separately by the central banks, to find a solution to the crisis on financial markets and prevent future crises".

Supporting the action already taken by the world's central banks, he admitted the problem had reached a 'significant' level and urged financial institutions to act fast.

Reports suggest that Darling will use the Paris talks to discuss progress made by the Financial Stability Forum (FSF), with a view to working with the International Monetary Fund (IMF) in order to highlight potential threats to financial stability.