Noting that there were a number of concerns over the attempts to resolve the current crisis, India suggested that IMF should step in to channelise fragmented efforts at different levels for more effective results. Besides, India wanted member countries to be "encouraged to approach the Fund in the incipient stages of a crisis".

Chidambaram's statement further said: "We are not too sure about the full magnitude of the problem. Despite some incipient signs of cooling, inflationary pressures arising out of elevated food and fuel prices have not fully subsided.

"Clearly, these are troubled times for the world economy. Nevertheless, crises do give us an opportunity to quickly take stock of what went wrong and to act."