White House hopes rate cut will stem crisis

WASHINGTON (Reuters) - The White House on Wednesday said it hoped coordinated central bank interest rate cuts would start to stem the financial crisis that has hit markets worldwide.

"We are taking appropriate action as quickly as possible during rapidly developing market changes and will continue to do so," White House spokeswoman Dana Perino said. "We hope that this action will start to stem the crisis."

President George W. Bush will speak with German Chancellor Angela Merkel on Wednesday about the financial crisis, Perino said.

Bush is open to an emergency Group of Eight leaders' meeting, but right now is focused on emergency issues at hand, she said.

(Reporting by Tabassum Zakaria; Editing by Leslie Adler)