Meanwhile, member of the group will ensure that “our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits.”

In addition, the G-7 will “take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets.”

The plan of action was announced after G-7 finance ministers and central bank governors met here Friday before the annual meetings of the International Monetary Fund and its sister institution World Bank.

The G-7 meeting, which brought together financial officials of the United States, Germany, Japan, France, Britain, Italy and Canada, was held amid a stunning loss of confidence in the global financial system that has sent markets into a freefall.

“The actions should be taken in ways that protect taxpayers and avoid potentially damaging effects on other countries,” the statement said, adding that “we will use macroeconomic policy tools as necessary and appropriate.”