Alistair Darling, the U.K. chancellor of the exchequer, said that the G7 leading economies need to take action to ease the ongoing strains on the global financial markets and to strengthen the financial system's resilience.

In a letter sent Monday to U.S. Treasury Secretary Henry Paulson and other G7 finance ministers, Darling acknowledged that economic growth in most major economies will likely be lower than had been expected the last time the finance ministers met.

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