Transcript
Washington, 15 November (IranVNC)—World leaders who had gathered in Washington for a summit amid the worst economic crisis in 80 years agreed today to work together to reform the global financial system and restore economic growth.
"Our work will be guided by a shared belief that market principles, open trade and investment regimes, and effectively regulated financial markets foster the dynamism, innovation, and entrepreneurship that are essential for economic growth, employment, and poverty reduction," a statement issued after the summit read.
Leaders from the Group of 20 [G20] industrial and developing nations examined the causes of the financial crisis, which has placed major economies in or near recession.
"Major underlying factors to the current situation were, among others, inconsistent and insufficiently coordinated macroeconomic policies, inadequate structural reforms, which led to unsustainable global macroeconomic outcomes," the declaration stated.
US President George W. Bush, who hosted the summit, hailed it as a success, but insisted that more work needed to be done to address the financial crisis.
"There was a common understanding by all of us that we should take pro-growth economic policies," Bush told reporters after the summit.
The G20 leaders, whose countries account for nearly 85 percent of the world's economy, vowed to continue their efforts to stabilize markets and aid emerging and developing economies gain access to credit.
As part of these efforts, the leaders expressed their commitment to strengthening transparency and accountability, enhancing regulation, reinforcing cooperation, and promoting integrity in financial markets.
The International Monetary Fund [IMF], World Bank and other development banks must have "sufficient resources to continue playing their role in overcoming the crisis," the leaders stated.
In line with Bush's earlier calls for rejecting a return to protectionism, the leaders vowed to "refrain from raising new barriers to investment or to trade in goods and services," the declaration read.
"As we move forward, we are confident that through continued partnership, cooperation, and multilateralism, we will overcome the challenges before us and restore stability and prosperity to the world economy," the leaders stated.
The G20 countries announced that they would meet again by 30 April 2009 to review the implementation of the agreements they made today.
Source: White House website, Reuters
© IranVNC 2008. All rights reserved.
