The call by Russia's president, Dmitry Medvedev, for international action on the global financial crisis, delivered yesterday via the Kremlin's website, is a welcome sign that Moscow is ready to co-operate in responding to the gravest economic challenge in decades.

Of course, a podcast is not a policy. But Russia is backing Mr Medvedev's video clip with plans for a €4bn rescue loan for Iceland, the first country in Europe to be driven by the crisis to the brink of financial collapse. And Mr Medvedev promised to give more substance to his ideas at a meeting with European Union leaders in France today.