US Federal Reserve chief Ben Bernanke says the world is suffering from the worst financial crisis since the 1930s.
Mr Bernanke argues that the roots of the current global economic downturn stem from global imbalances in trade and flows of capital in the late 1990s.
In a speech to the Council on Foreign Relations, he argues that the US and its trading partners did not do enough to redress these imbalances.
He also says future economic recovery depends on financial stability.
Mr Bernanke calls for "forceful, coordinated" action to combat the financial crisis.
"Until we stabilise the financial system, a sustainable economic recovery will remain out of reach," he says.
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