WASHINGTON (AP) -- Finance officials from the world's top economic powers pledged to do all they can to limit damage to the global economy from a jarring credit crisis as Wall Street took another plunge.

""We remained committed to doing our part in sustaining strong global growth,"" the finance officials said in a joint statement. While saying the functioning of global financial markets was improving somewhat, they warned, ""Uneven conditions are likely to persist for some time and will require close monitoring.""
The turmoil that financial markets have suffered through in recent months dominated the Group of Seven discussions, which were hosted by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. Besides, the United States, the other members of the G-7 are Japan, Germany, France, Britain, Italy, and Canada.
The finance officials did not spell out a specific course of action. Rather, they sought to strike a confident tone that they are on top of the situation. Finance officials also said they will seek to learn the causes and lessons from the turmoil.
""Our response to recent financial turbulence must be based on full analysis of its causes,"" the officials said in their statement.
The housing slump in the United States has deepened. Mortgage problems have multiplied. Credit has dried up for risky and some not-so-risky borrowers. The spreading troubles unhinged Wall Street in the late summer and sent stocks worldwide into a tailspin.
It appeared things had calmed down since, but Wall Street got unnerved again. The Dow Jones industrials plunged 366.94 points. Ominously, the tumble came on the 20-year anniversary of the Black Monday stock crash.
This time it was lackluster corporate earnings, credit concerns and rising oil prices that rattled investors.
Given the economy's delicate state, there are worries that more bad news could easily push edgy investors into another bout of panic and spook both businesses and individuals, whose spending and investment are critical to the world's economic health.
""Recent financial market turbulence, high oil prices, and weakness in the U.S. housing sector will likely moderate"" world economic growth, the officials said.
Growth in the United States, however, is expected to be just 1.9 percent this year, which would be a five-year low. ""The housing decline is still unfolding and I view it as the most significant current risk to our economy,"" said Paulson.
The globalization of the financial markets -- credited with giving investors more choices -- has also spurred an array of complex investment instruments flowing across international borders.
The meltdown in the United States with risky sub-prime mortgages made to borrowers with spotty credit or low incomes also ended up hurting investors in Europe and elsewhere. Banks, hedge funds, and others that invested in sub-prime mortgage-backed securities suffered big losses.
The officials said the Financial Stability Forum -- under the leadership of Bank of Italy Governor Mario Draghi -- will look at the underlying causes of the recent market turbulence.
The group will examine areas, including risk management, accounting and valuation of sophisticated financial instruments called derivatives, and the role of credit rating agencies in the debacle. The panel's final report isn't expected until April 2008.
""We expect market participants to address many of the shortcomings that were exposed by recent events,"" the G-7 officials said. They did not provide details.
The G-7 statement did not mention the big drop in the U.S. dollar, which has hit a record low against the euro, giving some European companies heartburn.
Europe is beginning to feel the pinch of that sharp decline. It is making Italian fashion and German cars more expensive purchases in the United States, which is the European Union's main export market.
The weaker dollar, however, benefits U.S. companies because it makes their products less expensive to European buyers.
The growing role of ""sovereign wealth funds"" -- secretive government-controlled investment funds -- in the global economy also was scrutinized. The finance officials suggested these funds should be more open in terms of their holdings and operations.
""We see merit in identifying best practices ... in such areas as institutional structure, risk management, transparency, and accountability,"" the G-7 officials said.
German Finance Minister Peer Steinbrueck, whose government has pushed for greater regulation of hedge funds, welcome what he said was a detailed discussion of how to implement best practices.
On yet another matter, the G-7 officials said they would explore a proposal to set up an international clean technology fund. Such a fund would promote clean energy projects in the developing world by financing the transition from traditional to more expensive clean-energy technology.