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A BNZ economist says an extension to the Government's bank guarantee scheme to cover money the banks borrow from overseas, is no nirvana to ensure capital flows freely to companies and households.

Labour leader Helen Clark says she has complete faith in the advice the Government is getting about the current financial crisis , and she will not be talking to banks about it.

GST may have to rise if the financial crisis worsens and politicians stick with their big election promises, warns a tax specialist. Audio

The National Party is calling on the Government to fast-track plans to extend the bank deposit guarantee scheme, to cover money borrowed from other banks and financial institutions.

United States President George Bush said "it's going to take a while" for his economic rescue plan to bear fruit, and charged his successor with carrying out an overhaul of US financial rules.

The ACT Party has reversed its initial opposition to a Government guarantee for savings accounts after being briefed by the Reserve Bank.

Global recession fears returned to centre stage on Wednesday after trillions of dollars pledged by governments around the world for bank bailouts eased the threat of imminent financial meltdown.

Stocks surged on Tuesday, after world policymakers readied plans to inject cash into banks in the biggest effort yet to ease the global financial crisis.

Democrats in the US House of Representatives are pushing for a second economic stimulus package of about $US150 billion, to stave off a recession in the United States.

US Democratic presidential candidate Barack Obama has proposed a series of new economic rescue measures to combat the effects of the financial crisis.

Four of Britain's biggest banks will ask on Monday for about Stg40 billion of taxpayer funding as capital to boost their balance sheets.

The New Zealand Institute says the global financial crisis could be the biggest economic shock to hit this country in decades.

Eurozone leaders are meeting in Paris to try to establish a common front to tackle the financial crisis. They reportedly plan to guarantee loans between banks.

Leaders of euro zone countries hold an emergency meeting in Paris on Sunday to try and establish a common approach to the financial crisis.

Global stocks have plummeted to five-year lows at the end of a brutal week. Oil has fallen below $US80 for the first time in a year on fears of falling demand.

Many stock markets rose strongly on Thursday as a least temporary calm returned to markets a day after coordinated global interest rate cuts designed prevent a worldwide recession.

Six central banks, including the Bank of England and the US Federal Reserve, have cut their interest rates by half a percentage point in an effort to steady the global economy. Audio

Stocks in the United States fell for a sixth consecutive session on Wednesday, as worldwide cuts in interest rates failed to alleviate fears about a global recession.

Central banks around the world have rushed to make currency injections in an effort to reassure financial markets.

The US presidential hopefuls have set out their economic policies in a debate dominated by the financial crisis.

National Party leader John Key said on Tuesday the party would scale back its tax cut policy slightly after a worsening of the Government's accounts.

Parliament's smaller parties do not plan to scale back their policies despite the dire state of the Government's books.

Parliament's smaller parties say they do not plan to scale back their policies, in the face of deteriorating economic conditions.

National Party leader John Key is confident New Zealand can still afford further tax cuts despite worsening Government finances, and says the country needs them.