'We have invited other European countries to consider proposals we have put to them this morning on medium-term funding (and) are in active consultation about how we can adopt a European-wide funding plan,' he said.

Addressing a press conference on the British rescue package, Mr Brown said he had spoken earlier on Wednesday to French President Nicolas Sarkozy, whose country currently holds the rotating European Union presidency.

Mr Brown attended a meeting hosted by Mr Sarkozy in Paris at the weekend, along with their counterparts from Germany and Italy, in a bid to coordinate European efforts to calm the crisis.

He added that Britain was also talking to other Group of Seven (G7) and G20 governments about a meeting of heads of government, adding: 'We are ready to put British proposals to such a meeting.'

'Countries are tested in difficult times. These problems certainly started in the United States of America but they are having a big impact on our and on others' financial systems,' said Mr Brown.

Earlier Wednesday finance minister Alistair Darling announced a part-nationalisation of the country's eight main banks as part of a package worth up to 875 billion dollars to prevent a collapse of the banking system. -- AFP