WASHINGTON, Nov 15 (Reuters) - Leaders of advanced and major developing countries agreed on Saturday to act rapidly to restart growth, regulate finance and give emerging markets more say in running the world economy.
Below are comments they made after the Group of 20 released its communique on financial markets and the world economy.
SENIOR U.S. ADMINISTRATION OFFICIALS
- On fiscal action: 'There was a great deal of discussion around this within the context of a lot of fiscal action (that) has been taken by a number of countries just in the last two weeks.'
'What became very clear in the course of the discussion is despite the fact that we're all coming together and all being affected by this crisis in very significant ways, everybody is at a different stage in terms of what they're dealing with ... there was a recognition that fiscal measures and pro-growth policies as a general proposition are a very important part of the response and a number of countries are in different stages of thinking about how to do that and there was an emphasis placed on ensuring that stimulus was true stimulus in the sense that it had a near-term impact.'
- On next G20 summit: 'There will be another meeting of leaders by the end of April ... There was no discussion about who would be attending the next meeting. The assumption of course is that ... the leaders of the G20 would be there, but whether there would be additional leaders, that would be open for discussion.'
'They agreed on when it would be held. It was not really discussed where it would be held. There were a number of countries that expressed an interest in hosting.'
- Asked whether the United States could envisage the G20 dictating to the financial services industry appropriate forms of compensation: 'No. I don't think that was certainly the tone of the discussion. I don't think there was ever an actual proposal along the lines of what you just described.'
RUSSIAN PRESIDENT DMITRY MEDVEDEV
On relations with the U.S.: 'U.S.-Russian relations lack the needed mutual trust. We pin such hopes (of restoring trust) to the arrival of the new U.S. administration.'
CANADIAN PRIME MINISTER STEPHEN HARPER
- On monetary and fiscal stimulus: 'There's a view coming out of this meeting, very strongly I can tell you ... that monetary policy alone will not be sufficient to take the global economy through this crisis. There will have to be fiscal action, and there will have to be additional fiscal action.' He said Canada was in a better position than many because it was running a budget surplus: 'We will do what we have to do to contribute to boosting global demand ... We'll obviously be looking at additional (fiscal) actions ourselves.'
- On reaching breakthrough in trade talks: 'That's going to be tough to do but certainly that's something that we believe is important.'
- On global power shift: 'It's the beginning of an unprecedented process where developed and developing countries will work together... It's reality. I think this reality is a change.'
- On how markets should view summit: 'The reason the declaration should give us all hope, and I would hope would give the markets reassurance, is the declaration is substantive, it is very complete, it has a concrete action plan, particularly on financial regulation, and it reflects a collaborative and deep comprehension by all leaders of major economies of the necessity of taking strong actions.'
- On aid to auto sector: 'We cannot ignore what the Americans do. On the other hand we as a government of Canada have to ultimately take our own actions and be convinced that those actions are not just in the best interests of the auto sector but in the best interests of the Canadian economy and Canadian taxpayers. So we are talking to our American counterparts and obviously listening to our industry and listening to our provincial colleagues in Canada.'
BRITISH PRIME MINISTER GORDON BROWN
- On fiscal stimulus: 'A coordinated and concerted stimulus through the use of budget measures to support demand in our economies. I believe we will see many countries follow this lead in the next few weeks.'
- On need for more U.S. stimulus: 'I believe the coordinated and concerted stimulus that people are talking about does include what is being proposed and about to be put to (the) Senate and Congress in the next few months by President-elect Obama.'
- On global trade talks: 'This is the first time that a meeting of leaders has instructed the trade negotiators and I believe that we are determined now that we have an agreement within the next few weeks.'
'We are instructing our trade negotiators to reach an agreement by the end of the year.'
- On new Bretton Woods: 'It is the road to the new Bretton Woods. If you look at the conclusions of the document, it is absolutely clear that we are trying to build new institutions for the future.'
AUSTRALIAN PRIME MINISTER KEVIN RUDD
'The Australian government remains determined to take whatever additional action is necessary to support growth and jobs in what will be a very difficult year for the global economy.'
- On the communique language, he said: 'The need to take fiscal action is underlined by the gravity of this financial crisis.'
'Everyone recognizes there is a large challenge there to support growth and jobs in what will be a very challenging year in 2009.
- On IMF/World Bank: 'It doesn't make sense' to exclude emerging economies from the global financial bodies. 'The impact of financial crisis began in the developed economies. It has spread to developing economies, where it will be even worse.' He added: 'All major players in the global economy must be on the decision-making bus.'
COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Below are comments they made after the Group of 20 released its communique on financial markets and the world economy.
SENIOR U.S. ADMINISTRATION OFFICIALS
- On fiscal action: 'There was a great deal of discussion around this within the context of a lot of fiscal action (that) has been taken by a number of countries just in the last two weeks.'
'What became very clear in the course of the discussion is despite the fact that we're all coming together and all being affected by this crisis in very significant ways, everybody is at a different stage in terms of what they're dealing with ... there was a recognition that fiscal measures and pro-growth policies as a general proposition are a very important part of the response and a number of countries are in different stages of thinking about how to do that and there was an emphasis placed on ensuring that stimulus was true stimulus in the sense that it had a near-term impact.'
- On next G20 summit: 'There will be another meeting of leaders by the end of April ... There was no discussion about who would be attending the next meeting. The assumption of course is that ... the leaders of the G20 would be there, but whether there would be additional leaders, that would be open for discussion.'
'They agreed on when it would be held. It was not really discussed where it would be held. There were a number of countries that expressed an interest in hosting.'
- Asked whether the United States could envisage the G20 dictating to the financial services industry appropriate forms of compensation: 'No. I don't think that was certainly the tone of the discussion. I don't think there was ever an actual proposal along the lines of what you just described.'
RUSSIAN PRESIDENT DMITRY MEDVEDEV
On relations with the U.S.: 'U.S.-Russian relations lack the needed mutual trust. We pin such hopes (of restoring trust) to the arrival of the new U.S. administration.'
CANADIAN PRIME MINISTER STEPHEN HARPER
- On monetary and fiscal stimulus: 'There's a view coming out of this meeting, very strongly I can tell you ... that monetary policy alone will not be sufficient to take the global economy through this crisis. There will have to be fiscal action, and there will have to be additional fiscal action.' He said Canada was in a better position than many because it was running a budget surplus: 'We will do what we have to do to contribute to boosting global demand ... We'll obviously be looking at additional (fiscal) actions ourselves.'
- On reaching breakthrough in trade talks: 'That's going to be tough to do but certainly that's something that we believe is important.'
- On global power shift: 'It's the beginning of an unprecedented process where developed and developing countries will work together... It's reality. I think this reality is a change.'
- On how markets should view summit: 'The reason the declaration should give us all hope, and I would hope would give the markets reassurance, is the declaration is substantive, it is very complete, it has a concrete action plan, particularly on financial regulation, and it reflects a collaborative and deep comprehension by all leaders of major economies of the necessity of taking strong actions.'
- On aid to auto sector: 'We cannot ignore what the Americans do. On the other hand we as a government of Canada have to ultimately take our own actions and be convinced that those actions are not just in the best interests of the auto sector but in the best interests of the Canadian economy and Canadian taxpayers. So we are talking to our American counterparts and obviously listening to our industry and listening to our provincial colleagues in Canada.'
BRITISH PRIME MINISTER GORDON BROWN
- On fiscal stimulus: 'A coordinated and concerted stimulus through the use of budget measures to support demand in our economies. I believe we will see many countries follow this lead in the next few weeks.'
- On need for more U.S. stimulus: 'I believe the coordinated and concerted stimulus that people are talking about does include what is being proposed and about to be put to (the) Senate and Congress in the next few months by President-elect Obama.'
- On global trade talks: 'This is the first time that a meeting of leaders has instructed the trade negotiators and I believe that we are determined now that we have an agreement within the next few weeks.'
'We are instructing our trade negotiators to reach an agreement by the end of the year.'
- On new Bretton Woods: 'It is the road to the new Bretton Woods. If you look at the conclusions of the document, it is absolutely clear that we are trying to build new institutions for the future.'
AUSTRALIAN PRIME MINISTER KEVIN RUDD
'The Australian government remains determined to take whatever additional action is necessary to support growth and jobs in what will be a very difficult year for the global economy.'
- On the communique language, he said: 'The need to take fiscal action is underlined by the gravity of this financial crisis.'
'Everyone recognizes there is a large challenge there to support growth and jobs in what will be a very challenging year in 2009.
- On IMF/World Bank: 'It doesn't make sense' to exclude emerging economies from the global financial bodies. 'The impact of financial crisis began in the developed economies. It has spread to developing economies, where it will be even worse.' He added: 'All major players in the global economy must be on the decision-making bus.'
COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.