G-20 Summit on Financial Markets & the World Economy- Extracts of Speeches & Reactions

The eagerly anticipated G-20 meeting on financial markets and the world economy brought leaders of the 20 nations and international financial institutions on November 14–15, 2008, in Washington, D.C. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial crisis, and lay the foundation for reform to avoid similar crises in the future.

In his speech at the summit, Prime Minister Manmohan Singh, had called for fiscal stimulus, particularly in building infrastructure, a caution against protectionist policies, to sustain the growth momentum deflated by recession in the developed countries. He had also laid great stress on reforming the governing structures of IMF and other global financial agencies. “We need to take urgent steps to strengthen the global trading system and forestall any protectionist tendencies which always surface in times of recession,” PM Manmohan Singh said. Thus the outcome of summit provides an opportunity for India to help shape the new global economic architecture in line with its strategic and economic interests.

Describing the G-20 summit as "very successful", Prime Minister Manmohan Singh said that, “India's presence at an emergency summit in Washington to decide on how to contain the damage from the financial crisis shows the changing landscape of the global economy. There was one important significance which is clear that the balance of power is shifting increasingly in favour of emerging economies”

A second summit will be held in April 2009 to move the proposals forward.

Text of the Statement From G-20 Summit... Click Here

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