Special Report: Global Financial Crisis¡¡
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Group of Seven central bank governors pose for a group photo after their meeting at the Treasury Department in Washington, the Unuted States, October 10, 2008. (L-R) are: Bank of Canada Governor Mark Carney, Bank of France Governor Christian Noyer, President of Germany's Bundesbank Axel A. Weber, Chairman of the U.S. Federal Reserve Ben Bernanke, Italy's central bank governor Mario Draghi, Japan's central bank governor Masaaki Shirakawa, Bank of England governor Mervyn King, President of the European Central Bank Jean Claude Trichet and International Monetary Fund Managing Director Dominique Strauss-Kahn. (Xinhua/Zhang Yan)Photo Gallery>>> |
NEW YORK, Nov. 13 (Xinhua) -- U.S. President W. Bush
set tone for the upcoming Group-20 Summit Thursday in New York saying that the
summit will focus on "understanding the causes of the global crisis and
developing principles for reforming our financial and regulatory systems."
Bush said the meeting, which is due to this weekend
in Washington D.C., will lay the foundation for financial reforms.
"This crisis did not develop overnight, and it will
not be solved overnight," the president said in a speech in the Federal Hall,
"In addition to addressing the current crisis, we also need to make broader
reforms to strengthen the global economy over the long term."
One vital principle of reform is to make financial
markets more transparent, he said. "We should consider improving accounting
rules for securities, so that investors around the world can understand the true
value of the assets they purchase."
Bush also urged proper regulation on markets, firms,
and financial products and enhance the integrity financial markets.
"We must strengthen cooperation among the world's
financial authorities," he added, and "move forward with other significant
reforms to make the IMF (International Monetary Fund) and World Bank more
transparent, accountable, and effective."
Moreover, the president attached much attention to
the importance of free market capitalism by saying that "the long-term solution
to today's problems is sustained economic growth. And the surest path to that
growth is free markets."
The G-20 Summit is to be convened for the global
economic crisis. Leaders from Group 8, the European Union and major developing
countries will be present at the meeting.
G20 meeting ends with pledges to
tackle global financial meltdown
SAO PAULO, Nov. 10 (Xinhua) -- Finance ministers and
central bank governors from the Group of 20 (G20) major industrial and emerging
economies closed their annual meeting here Sunday, vowing to jointly tackle the
global financial crisis.
The G20 has "a critical role to play in ensuring
global financial and economic stability," said a joint statement released at the
end of the two-day meeting. Full story
G20 agrees to promote fiscal
incentives to avoid recession
SAO PAULO, Nov. 9 (Xinhua) -- Top finance
officials of the Group of 20 (G20) nations have agreed that tax cuts and
increased government spending are necessary to avoid a recession, Brazilian
Finance Minister Guido Mantega said on Sunday.
However, each country will take actions according to its
own situation, he told a press conference. Full story
G20 proposes joint action on global
financial crisis
SAO PAULO, Nov. 9 (Xinhua) -- The Group of 20 (G20)
industrialized and emerging economies agreed Sunday that joint action and
greater controls were necessary to tackle the international financial crisis.
The G20 has "a critical role to play in ensuring global
financial and economic stability," G20 finance ministers and central bank
governors said in a joint statement at the end of a two-day meeting here.
Full story
