President Bush, 21 Oct 2008

U.S. President George Bush will not press ahead with a second economic stimulus package, despite suggestions it could stop the country from sliding into a prolonged slowdown.

White House spokeswoman, Dana Perino said Tuesday the president is open to all good ideas, but that officials have not seen any new proposals that would give the economy a boost.

U.S. retails sales rose strongly earlier this year, after the U.S. issued tens of millions of tax rebate checks to consumers.

Meanwhile, investors around the world are looking for signs more recent measures to boost the global economy and ease stalled credit markets are helping.

Earlier today, Japan said it is prepared to inject public funds into debt-laden banks, while the U.S. central bank said it will start buying commercial paper to help struggling companies.

French President Nicolas Sarkozy, right, with French FM Bernard Kouchner, delivers his speech as he attends the session of the European Parliament in Strasbourg, 21 Oct 2008

Many companies rely on commercial paper, the written promises to repay loans, to pay workers and buy supplies.

Meanwhile, in the French city of Strasbourg today , French President Nicolas Sarkozy called for economic giants India and China to join a world summit to restructure the global financial system.

Mr. Sarkozy told European lawmakers he would push the idea during the Asia-Europe Meeting in Beijing this week.

Also today, the International Monetary Fund warned in a report that more European banks may fail, but that recent international rescue packages likely have prevented a worse outcome.

Some information for this report was provided by Reuters.