Decisive action needed to restore calm: Treasury

WASHINGTON (Reuters) - Quick, decisive action by regulators and financial market participants around the globe is needed to restore financial stability, a top Treasury Department official said on Friday.

"Now is the time to act quickly, decisively and collaboratively with regulators and market participants around the world to restore stability and confidence to our markets," Treasury Under Secretary David McCormick said in remarks prepared for delivery at the Wharton School in Philadelphia.

"The interdependence of our global economy makes this challenge more complex, and it also makes our work with international counterparts to promote growth and financial stability all the more important," said McCormick, the under secretary for international affairs.

(Reporting by Tim Ahmann; Editing by Theodore d'Afflisio)