Page last updated at 01:10 GMT, Sunday, 16 November 2008

G20 summit: In quotes

Global leaders at the G20 financial summit in Washington have pledged to work together to restore world economic growth, and to carry out reforms of the economic system.

GEORGE W BUSH, US PRESIDENT

"There was a common understanding by all of us that we should take pro-growth economic policies. Whatever we do, whatever reforms are recommended, we need to be guided by this simple fact - that the best way to solve the problem is economic growth, and the surest path to this grown is free-market capitalism.

These institutions have been very important - the World Bank and the IMF. But they were based on an economic order of 1944. The World Bank and the IMF should modernize their governance structure. They should consider extending voting powers and government structures... particularly to those that have increased their funding.

The temptation is in times of economic stress is to say that 'Trade is not worth it. Let's throw up economic barriers.' But that was rejected."

GORDON BROWN, UK PRIME MINISTER

"Today's G20 meeting is historic. We have reached important conclusions today about trade, about financial stability and about the expansion of our economies...

There was widespread agreement that at a time like this when the world faces huge uncertainty... that this is the time when you need to support our economies.

There is a clear determination on the part of world leaders in every continent to take the necessary action to move economies out of this difficult period."

BARACK OBAMA, US PRESIDENT-ELECT - STATEMENT
"The president-elect believes that the G20 summit of leaders from the world's largest economies is an important opportunity to seek a coordinated response to the global financial crisis… [he is determined] to continuing to work together on these challenges after he takes office in January."

BAN KI-MOON, UN SECRETARY GENERAL - STATEMENT

"The secretary-general welcomes the Declaration of the Summit on Financial Markets and the World Economy... which committed leaders to joint action.

He noted the agreement on the international co-ordination of stimulus packages, a move he had advocated in his remarks at the White House, also new market regulation to avoid future crises, more inclusive new economic governance, and the need to avoid trade and investment protectionism."

FELIPE CALDERON, MEXICAN PRESIDENT

"The international financial institutions must adopt a much more active role, supporting emerging and less developed countries so that the impact on economic activity and poverty is minimized."

LUIZ INACIO LULA DA SILVA, BRAZILIAN PRESIDENT
"We are talking about the G20 because the G8 doesn't have any more reason to exist, in other words, the emerging economies have to be taken into consideration in today's globalized world.

The existing multilateral organizations and the international rules in place were rejected by history. Both the IMF and the World Bank should open themselves to bigger participation of developing economies."

ANGELA MERKEL, GERMAN CHANCELLOR

"I think we took important steps toward global economic order, toward global regulation of business and global market oversight... I am therefore extraordinarily satisfied with the conclusion of the meeting."

PASCAL LAMY, WTO DIRECTOR GENERAL

"This high-level commitment to enhance the global trading system is vital to the success of our negotiations. What we need now is for this strong show of support to be translated into action at the negotiating table in Geneva."

ROBERT ZOELLICK, WORLD BANK PRESIDENT

"What matters now are the follow-up actions. People are looking to leaders for a global, coordinated and fast response.

It is a positive step forward that leaders of developed economies are now meeting together with leaders from the rising economic powers. But the poorest developing countries must not be left out in the cold. We will not solve this crisis, or put in place sustainable long-term solutions by accepting a two-tier world."

TARO ASO, JAPANESE PRIME MINISTER

"We should firmly maintain the dollar-centred currency system... There is a voice questioning if it's stable for the US dollar of the world's largest debt country to continue to be a key currency, [but] no currency but the dollar can be used as a key currency."

DMITRY MEDVEDEV, RUSSIAN PRESIDENT

"We can see inadequate structures, which were created at that time, including security structures. That is why now we need more powerful ideas than the decades ago...

It will be necessary to rebuild the whole international financial architecture, make it open and fair, effective and legitimate, and by increasing the role of the existing ones it is necessary to create new collective structures of global co-ordination and regulation."

Print Sponsor



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific