ID :
78258
Fri, 09/04/2009 - 08:49
Auther :
Shortlink :
https://www.oananews.org//node/78258
The shortlink copeid
S. Korean, Australian leaders urge continued leadership of G-20
SEOUL, Sept. 3 (Yonhap) -- South Korean President Lee Myung-bak and Australian Prime Minister Kevin Rudd called for the continued leadership of the G-20 in overcoming the global economic downturn.
In a joint op-ed published in Thursday's edition of the Financial Times, the two
leaders stressed that talk of a global recovery was still premature. They also
vowed to push for the implementation of existing commitments and a smooth
transition to balanced global growth.
"This is no time to be complacent. The world faces several new challenges that
will require leadership from the G-20," they said ahead of the 2009 summit later
this month in Pittsburgh.
The commentary comes as some in the developed world are suggesting that the
20-member forum, launched last year to pass the baton from the more-established
G-8 economies, be broken up.
One of the challenges, the leaders noted, was to make sure that member countries
deliver on their promised commitments to fiscal stimulus and reform measures.
Another task was transitioning from crisis to recovery, they said.
"While the extraordinary fiscal, monetary and financial policies implemented
during the crisis have been necessary to support growth, governments will be
required to execute a significant shift in policy settings as growth gradually
returns or risk further damage to fiscal positions and a return of inflation,"
they wrote.
In the late 1930s, exit strategies were managed poorly and led to a double-dip
recession, they said. "This time it is important that we get it right."
They said each country needs to come up with a strategy suited to its individual
circumstances, but that such strategies must be consistent with international
efforts toward balanced and sustainable growth of the world economy.
To this end, the leaders proposed that before the end of the year each country
report on the national strategies they've adopted to the International Monetary
Fund, which will report back on their consistency with the goal of international
growth.
"Australia and South Korea are committed to work together and with other
countries to develop and implement effective strategies at Pittsburgh and beyond
to ensure that the recovery is sustained and economic and financial stability are
maintained," they said.
bdk@yna.co.kr
(END)
In a joint op-ed published in Thursday's edition of the Financial Times, the two
leaders stressed that talk of a global recovery was still premature. They also
vowed to push for the implementation of existing commitments and a smooth
transition to balanced global growth.
"This is no time to be complacent. The world faces several new challenges that
will require leadership from the G-20," they said ahead of the 2009 summit later
this month in Pittsburgh.
The commentary comes as some in the developed world are suggesting that the
20-member forum, launched last year to pass the baton from the more-established
G-8 economies, be broken up.
One of the challenges, the leaders noted, was to make sure that member countries
deliver on their promised commitments to fiscal stimulus and reform measures.
Another task was transitioning from crisis to recovery, they said.
"While the extraordinary fiscal, monetary and financial policies implemented
during the crisis have been necessary to support growth, governments will be
required to execute a significant shift in policy settings as growth gradually
returns or risk further damage to fiscal positions and a return of inflation,"
they wrote.
In the late 1930s, exit strategies were managed poorly and led to a double-dip
recession, they said. "This time it is important that we get it right."
They said each country needs to come up with a strategy suited to its individual
circumstances, but that such strategies must be consistent with international
efforts toward balanced and sustainable growth of the world economy.
To this end, the leaders proposed that before the end of the year each country
report on the national strategies they've adopted to the International Monetary
Fund, which will report back on their consistency with the goal of international
growth.
"Australia and South Korea are committed to work together and with other
countries to develop and implement effective strategies at Pittsburgh and beyond
to ensure that the recovery is sustained and economic and financial stability are
maintained," they said.
bdk@yna.co.kr
(END)
