US President George W. Bush said on Friday that the reforms in the global financial sector are "essential," but warned against too much government intervention in the markets.

"As we address the current crisis, we also need to make broader reforms to adapt our financial systems to the 21st century," Bush said in his radio address.

"So during this summit, I will work with other leaders to establish principles for reform, such as making markets more transparent and ensuring that markets, firms, and financial products are properly regulated," said Bush.

He said all these steps will require decisive actions from governments around the world, noting "we must recognize that government intervention is not a cure-all."

"While reforms in the financial sector are essential, the long-term solution to today's problems is sustained economic growth. And the surest path to that growth is free markets and free people," he said.

"By working together, I'm confident that with time we can overcome this crisis and return our economies to the path of growth and vitality," he added.

(Xinhua News Agency November 15, 2008)