Political leaders joined central bankers yesterday to reassure people worried by tumbling stock markets that they did not threaten growth and, beneath the turmoil, major economies were fundamentally sound.
Their soothing words came as US accounting scandals battered stocks on both sides of the Atlantic down to new five-year lows.
However, financial markets began to buzz with rumours that the US Federal Reserve might act to stem the global tide of equity market losses.
The Fed had no comment. The White House and European officials ranging from British Prime Minister Mr Tony Blair and Bank of France chief Mr Jean-Claude Trichet to European Commission President Romano Prodi all offered words of comfort.
The White House said the US economy was growing solidly and that one of the best ways to boost confidence in hard-hit US financial markets would be for Congress to act quickly on legislation, cracking down on corporate fraud.
"When you take a look at the data - the hard cold facts about the economy - impartial economists will all tell you, even partisan economists will tell you, the economy is growing, the economy is growing solidly, fundamentals are strong," said White House spokesman Mr Ari Fleischer.
In Europe, Mr Prodi said issues of corporate governance had to be addressed, particularly in the United States, but stressed in an unscheduled statement to reporters that he had faith in the soundness of economic fundamentals.
"We are very concerned, worried to see the instability in national financial markets and there are issues of governance and good management, particularly in the United States," Mr Prodi said.
"The economy of the European Union is very healthy," he said.
His words were echoed by Internal Markets Commissioner Mr Frits Bolkestein, who said he saw no US-style accounting problems in Europe, although complacency was out of the question.
"One should never be complacent, one should never rule out the possibility that these unfortunate happenings which took place in the United States will occur in Europe also," he said.
"At the moment I have no information to assume that it in fact will happen."
