WASHINGTON (AP) -- The world's top money people are holding crisis talks in Washington today.

The finance ministers and central bank presidents of the seven richest industrial democracies are exploring ways to restore confidence in the world's badly battered money markets. Among the ideas is better cooperation between their regulators.

The talks are in advance of this weekend's Washington meetings of the 185-nation International Monetary Fund and its sister lending institution, the World Bank.

A credit crunch that began with rising defaults over subprime mortgages in the U.S. last year has spread around the globe. The IMF says losses to major financial institutions over the next two years could approach 1 trillion dollars.