"We will ensure that banks are adequately capitalized and have sufficient access to funding to deal with the current crisis," the Group of 20 finance ministers said in a statement issued after a two-day meeting in Paris.
The meeting comes as officials in Europe move closer to an agreement on a comprehensive plan to secure the banking system and resolve Europe's long-standing sovereign debt problems.
The plan, outlined by European Commission president Jose Manuel Barroso last week, will be discussed in detail at a meeting being held by the European Council in Brussels on Oct. 23.
"We heard encouraging things from our European colleagues in Paris about a new comprehensive plan to deal with the crisis on the continent," said U.S. Treasury Secretary Tim Geithner in a statement.
Geithner added that European leaders "clearly have more work to do on the strategy and the details."
But he sounded optimistic about the support the plan has received from Europe's two largest economies. "When France and Germany agree on a plan together and decide to act, big things are possible," he said.
Europe: Many hurdles, little time
European leaders have been under pressure to decisively resolve the debt crisis in Greece and increase the firepower of a recently overhauled bailout fund to provide a stronger "backstop" for other euro area nations struggling with unsustainable levels of debt, such as Italy and Spain.
The 27-nation European Union has also been grappling with the threat of a banking crisis, amid fears in financial markets that banks do not have enough capital to withstand the shock of a contagious sovereign debt crisis.
The G20 ministers welcomed the recently approved overhaul of the European Financial Stability Facility, which now has power to intervene in the sovereign debt market and loan money to governments that need to recapitalize banks.
The EFSF is still widely seen as needing additional "leverage" to address both the sovereign debt and banking crisis simultaneously.
EU officials are expected to discuss ways to give the €440 billion fund greater "firepower" at a meeting later this month, but increasing the amount of money the fund controls has been ruled out.




