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Statement by Press Secretary Dana Perino
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For Immediate Release Office of the Press Secretary October 22, 2008

Statement by Press Secretary Dana Perino

˙ /news/releases/2008/10/20081022.wm.v.html ˙˙White House News
˙˙En Espa¤ol


Today, the President is inviting the leaders of the Group of 20 countries
to a summit in the Washington, D.C. area, on November 15 to discuss
financial markets and the global economy. The G-20 finance process, which
includes key developed and emerging market countries, was established in
1999, after the last financial crisis with worldwide implications.

The leaders will review progress being made to address the current
financial crisis, advance a common understanding of its causes, and, in
order to avoid a repetition, agree on a common set of principles for reform
of the regulatory and institutional regimes for the world's financial
sectors. These principles can be further developed by working groups for
consideration in subsequent summits. In addition, we expect that the
leaders will discuss the effects of the crisis on emerging economies and
developing nations. The summit will also provide an important opportunity
for leaders to strengthen the underpinnings of capitalism by discussing how
they can enhance their commitment to open, competitive economies, as well
as trade and investment liberalization.

G-20 members are: Argentina, Australia, Brazil, Canada, China, France,
Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi
Arabia, South Africa, Turkey, the United Kingdom, the United States, and
the European Union.

The Managing Director of the International Monetary Fund, the President of
the World Bank, the United Nations Secretary-General, and the Chairman of
the Financial Stability Forum have also been invited to participate.

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