===========================================================================
G8 Leaders Statement on the Global Economy
===========================================================================

For Immediate Release Office of the Press Secretary October 15, 2008

G8 Leaders Statement on the Global Economy Grand Rapids , Michigan

ÿÿWhite House News

ÿÿÿÿÿ In Focus: Economy ÿÿÿÿÿ In Focus: Global Diplomacy

We, the leaders of Canada, France, Germany, Italy, Japan, Russia, the
United Kingdom and the United States of America, and the President of the
European Commission, are united in our commitment to fulfill our shared
responsibility to resolve the current crisis, strengthen our financial
institutions, restore confidence in the financial system, and provide a
sound economic footing for our citizens and businesses.

We welcome and commend the recent decisions and actions taken in support of
implementation of the G7 Plan of Action, adopted by finance ministers and
central bank governors and endorsed by the International Monetary and
Financial Committee of the Board of Governors of the International Monetary
Fund, which set forth a concerted framework for individual and collective
action. These measures will help financial institutions gain access to
needed capital, support systemically important financial institutions and
prevent their failure, unfreeze credit markets, restart secondary markets
for mortgages, and protect savers and depositors. We will implement these
measures on an urgent, transparent, and non-discriminatory basis. We pledge
continued close cooperation and coordination.

As we address the current crisis, we will work to mitigate its adverse
impacts on emerging economies and developing nations and we strongly
support the IMF's critical role in assisting affected countries. We
reaffirm that open economies and well-regulated markets are essential to
economic growth, employment and prosperity. We therefore underscore the
importance of not turning inward and of continuing efforts to promote trade
and investment liberalization, which over the past several decades has
significantly raised the global standard of living and lifted millions out
of poverty. In this regard, we are determined to intensify efforts to bring
about a successful conclusion of the WTO negotiations with an ambitious and
balanced outcome.

While our focus now is on the immediate task of stabilizing markets and
restoring confidence, changes to the regulatory and institutional regimes
for the world's financial sectors are needed to remedy deficiencies exposed
by the current crisis. The discussions elaborating such changes, building
on the efforts of the Financial Stability Forum and the IMF, must involve
both developed and developing countries. We look forward to a leaders'
meeting with key countries at an appropriate time in the near future to
adopt an agenda for reforms to meet the challenges of the 21st century.

We are confident that, working together, we will meet the present
challenges and return our economies to stability and prosperity.

# # #

===========================================================================
Return to this article at:
http://www.whitehouse.gov/news/releases/2008/10/20081015-6.html