ID :
30521
Sun, 11/16/2008 - 07:19
Auther :
Shortlink :
https://www.oananews.org//node/30521
The shortlink copeid
S Korean President Lee, other leaders start one-day financial summit
By Hwang Doo-hyong
WASHINGTON, Nov. 15 (Yonhap) -- South Korean President Lee Myung-bak and other leaders of the world's 20 biggest economies officially kicked off the first economic summit here to come up with measures to weather the U.S.-initiated global financial turmoil.
In a keynote speech, Lee cautioned against protectionism and suggested enhanced
currency swap lines between advanced and emerging economies and an increase in
funding by the International Monetary Fund to developing countries to help
alleviate a credit crunch in the global financial markets.
At the opening of the one-day summit, U.S. President George W. Bush expressed
satisfaction with the dialogue he had with other leaders at a dinner meeting
Friday, saying, "There's some progress being made, but there's still a lot of
more work to be done."
The outgoing president said he was "pleased that the leaders reaffirmed the
principles behind open markets and free trade. One of the dangers during a crisis
such as this is that people will start implementing protectionist policies."
Bush is scheduled to make a statement on the outcome of the summit later Saturday.
The leaders are expected to agree on action plans for oversight of international
financial institutions to head off another global financial crisis.
Some, however, worry that the summit may result in a symbolic statement rather
than concrete plans for reform of the IMF and other financial organizations, as
well as for the launch of a new international financial regulatory body to
prevent a recurrence of the crisis.
U.S. President-elect Barack Obama did not attend the summit, but arranged for
former Secretary of State Madeleine Albright and ex-Congressman Jim Leach to
represent him.
U.S. and South Korean officials said the leaders are expected to agree on another
round of the G20 summit elsewhere in the first quarter of next year, soon after
Obama's inauguration Jan. 20.
Bush and Obama have been at odds over ways to address the financial crisis. Obama
has called for an additional economic stimulus package aside from the US$700
billion bailout, as well as financial aid to struggling U.S. automakers and
opposition to pending free trade agreements with South Korea, Colombia and
Panama.
Obama welcomed Bush's convening of the economic summit, citing the need for "a
coordinated global response," while urging Congress to pass another stimulus
package.
"If Congress does not pass an immediate plan that gives the economy the boost it
needs, I will make it my first order of business as president," Obama said in his
weekly radio address.
Bush wants the lame-duck Congress, reconvening Monday after the Nov. 2 elections,
to pass the free trade agreements with South Korea, Colombia and Panama, while
Obama favors the economic stimulus plans, which Bush opposes.
The G20 consists of South Korea, the U.S., Argentina, Australia, Brazil, Canada,
China, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa,
Turkey, the European Union, and EU members Britain, France, Germany and Italy.
In a welcoming speech to the working dinner at the White House Friday, Bush
expressed confidence that the financial turmoil will be solved through
international cooperation, though it may take time.
"This problem did not develop overnight, and it will not be solved overnight," he
said. "But with continued cooperation and determination, it will be solved."
Bush said he expected Saturday's summit meeting to focus on "identifying
principles for reforming our financial and regulatory systems, launching a
specific action plan to implement those principles, and reaffirming our
conviction that free market principles offer the surest path to lasting
prosperity."
South Korean President Lee, French President Nicholas Sarkozy and several other
heads of state have called for sweeping reform of the IMF and are pressing for
the establishment of a new global financial system to keep pace with recent
changes in the global economy.
"The ongoing financial crisis shows the current financial system has not kept up
with changes being made in the finance industry," Lee said in a recent interview.
"Under the new financial transaction environment, it is time for us either to
greatly reform the existing regime or to make a completely new one."
Sarkozy and several other leaders also called for less dependence on the U.S.
dollar in international trade, blaming the global financial crisis on what they
called the excessive reliance on the greenback.
WASHINGTON, Nov. 15 (Yonhap) -- South Korean President Lee Myung-bak and other leaders of the world's 20 biggest economies officially kicked off the first economic summit here to come up with measures to weather the U.S.-initiated global financial turmoil.
In a keynote speech, Lee cautioned against protectionism and suggested enhanced
currency swap lines between advanced and emerging economies and an increase in
funding by the International Monetary Fund to developing countries to help
alleviate a credit crunch in the global financial markets.
At the opening of the one-day summit, U.S. President George W. Bush expressed
satisfaction with the dialogue he had with other leaders at a dinner meeting
Friday, saying, "There's some progress being made, but there's still a lot of
more work to be done."
The outgoing president said he was "pleased that the leaders reaffirmed the
principles behind open markets and free trade. One of the dangers during a crisis
such as this is that people will start implementing protectionist policies."
Bush is scheduled to make a statement on the outcome of the summit later Saturday.
The leaders are expected to agree on action plans for oversight of international
financial institutions to head off another global financial crisis.
Some, however, worry that the summit may result in a symbolic statement rather
than concrete plans for reform of the IMF and other financial organizations, as
well as for the launch of a new international financial regulatory body to
prevent a recurrence of the crisis.
U.S. President-elect Barack Obama did not attend the summit, but arranged for
former Secretary of State Madeleine Albright and ex-Congressman Jim Leach to
represent him.
U.S. and South Korean officials said the leaders are expected to agree on another
round of the G20 summit elsewhere in the first quarter of next year, soon after
Obama's inauguration Jan. 20.
Bush and Obama have been at odds over ways to address the financial crisis. Obama
has called for an additional economic stimulus package aside from the US$700
billion bailout, as well as financial aid to struggling U.S. automakers and
opposition to pending free trade agreements with South Korea, Colombia and
Panama.
Obama welcomed Bush's convening of the economic summit, citing the need for "a
coordinated global response," while urging Congress to pass another stimulus
package.
"If Congress does not pass an immediate plan that gives the economy the boost it
needs, I will make it my first order of business as president," Obama said in his
weekly radio address.
Bush wants the lame-duck Congress, reconvening Monday after the Nov. 2 elections,
to pass the free trade agreements with South Korea, Colombia and Panama, while
Obama favors the economic stimulus plans, which Bush opposes.
The G20 consists of South Korea, the U.S., Argentina, Australia, Brazil, Canada,
China, India, Indonesia, Japan, Mexico, Russia, Saudi Arabia, South Africa,
Turkey, the European Union, and EU members Britain, France, Germany and Italy.
In a welcoming speech to the working dinner at the White House Friday, Bush
expressed confidence that the financial turmoil will be solved through
international cooperation, though it may take time.
"This problem did not develop overnight, and it will not be solved overnight," he
said. "But with continued cooperation and determination, it will be solved."
Bush said he expected Saturday's summit meeting to focus on "identifying
principles for reforming our financial and regulatory systems, launching a
specific action plan to implement those principles, and reaffirming our
conviction that free market principles offer the surest path to lasting
prosperity."
South Korean President Lee, French President Nicholas Sarkozy and several other
heads of state have called for sweeping reform of the IMF and are pressing for
the establishment of a new global financial system to keep pace with recent
changes in the global economy.
"The ongoing financial crisis shows the current financial system has not kept up
with changes being made in the finance industry," Lee said in a recent interview.
"Under the new financial transaction environment, it is time for us either to
greatly reform the existing regime or to make a completely new one."
Sarkozy and several other leaders also called for less dependence on the U.S.
dollar in international trade, blaming the global financial crisis on what they
called the excessive reliance on the greenback.
