The World Financial leaders, the G-20, will come together November 15 in Washington, D.C. to try to resolve this historic global economic crisis in the first of what may be a series of meetings to address its underlying causes, the response, and to formulate a strategy in dealing with the financial upheaval.
The G-20 consists of leaders of Japan, the United Kingdom, France, Germany, Italy, Canada, the United States, the European Union, China, Brazil, India, Russia, South Korea, and other major economies.
President Bush says the winner of the November 4 U.S. presidential election will be welcome to join the process between the election and the inauguration on January 20.
Both of the major candidates, Senator’s John McCain and Barack Obama, have acknowledged that the meeting is vital.
The following excerpt of a report on the summit gives insight.
“[U.S. President] Bush, French President Nicolas Sarkozy and European Commission President Jose Manuel Barroso, who met at the Camp David, Md., presidential retreat last week, announced the series of summits, saying the international community must work together to address the credit crisis that has shaken markets the world over.
“Bush has supported the steps European nations have taken to fix the financial markets and is willing to listen to a range of ideas from both developed and developing nations. But he hasn’t signed onto the more ambitious, broad-stroke reforms that some European leaders have in mind to avoid a repeat of the market crisis that rippled around the globe…” (Deb Riechmann, Associated Press, “World leaders to meet on economy in Washington,” 10/22/08).
The emergency G-20 meet should alert us to the magnitude of the economic earthquake that continues to reverberate throughout the world communities.
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