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| Stock traders sitting in front of a television screen. Copyright AP Images, used courtesy of www.america.gov |
Summit on Financial Markets and the World Economy
Secretary Rice said recently, "As we’ve seen, every country is sharing the impact of this current economic crisis. And so, too, must we all share the responsibility for implementing an effective response globally, nationally, and locally." On November 15, 2008, the leaders of the Group of 20 countries (G-20) will attend the Summit on Financial Markets and the World Economy in Washington, D.C. to discuss the global financial crisis. President Bush is gathering leaders in the first of a series of meetings to discuss efforts to deal with the present crisis, as well as to address the longer term financial and economic challenges that confront us and to ensure future global prosperity. G-20 leaders from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, and the United Kingdom will participate. In addition, the President of the European Commission will attend the summit, and President Sarkozy of France as representative of the EU Presidency, will participate on behalf of the European Union. The G-20 finance process was established approximately10 years ago -- the last time a financial crisis with worldwide implications occurred – to bring together many of the systemically important industrialized and emerging market economies to discuss key issues in the global economy. These countries account for roughly 85% of global Gross Domestic Product (GDP).
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