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Gordon Brown has said that a "global new deal" on the economy is possible at April's G20 summit.
Speaking to reporters in Number 10, the prime minister urged international co-operation to tackle the recession.
His comments came as the UK published a document entitled 'Road to the London summit', setting out the key areas for agreement between governments.
Ahead of visits to Rome and Berlin later this week, he said that leaders would have to sign up to a "grand bargain" at the G20 talks, which the UK is hosting.
"From the discussions I have had and am about to have... I think we are fashioning for the future a global deal, a grand bargain, where each continent accepts its responsibilities and its obligations to act to deal with what is a global problem that can only be solved with a global solution," said Brown.
"Every part of the world must be part of the stimulus to the economy, giving support into the economy with investment, getting interest rates down as much as possible, and I believe one of the features of our discussions at the G20 summit on April 2 is how all countries can come together to do that.
"Some may have to do more on interest rates; some may have to do more fiscal stimulus.
"The whole point of the G20 is that the world must take action to deal with a global problem."
The prime minister said his hopes for a "global new deal" were deliverable.
He added: "The old orthodoxies will not serve us well in the future. We've got to think the previously unthinkable, we've got to do what was previously undoable.
"The co-operation that's needed around the world is not something that has been achieved before - but I believe it can be achieved to meet the needs of our times."
Dods Parliamentary Communications Ltd