The G-7 reaffirmed its commitment to protect the integrity of the international financial system in a conference call held on Monday to discuss global financial markets.

The group is working to facilitate liquid, smooth functioning markets, which are essential for supporting the health of the world economy, it said in a statement.

The extraordinary actions taken by the United States to enhance the stability of financial markets and address credit concerns were strongly welcomed by the G-7. In particular, the group lauded its plan to implement a program to remove illiquid assets that are destabilizing financial institutions.

The group also welcomed the liquidity measures taken by the central banks of other G-7 countries, noting this has been critical in addressing disruptions in global financial markets.

“We recognize the importance of making regulation more effective and bringing investors back into a liquid and stable marketplace,” the statement said.

The G-7 is committed to implementing recommendations by the Financial Stability Forum (FSF) to enhance the resilience of the global financial system for the longer term.

A new FSF report set to be released this fall will comment on progress made in strengthening prudential supervision and regulation, improving firms’ risk management practices, enhancing disclosure and transparency, and strengthening accounting frameworks.

The G-7 pledged to enhance international cooperation to address the ongoing challenges in the global economy and world markets. It said it would maintain heightened levels of cooperation between finance ministries, central banks and regulators.

“We are ready to take whatever actions may be necessary, individually and collectively, to ensure the stability of the international financial system,” the statement said.