President Bush "Summit on Financial Markets and World Economy"

 President Bush Hosts Dinner with Summit on Financial Markets and World Economy Participants

THE PRESIDENT: Your Excellencies: Welcome to the United States. Welcome to the White House. And welcome to the Summit on Financial Markets and the World Economy.

I do want to begin my remarks by extending our heartfelt sympathies and prayers to Prime Minister Balkenende. He landed today and called me on the phone to inform me that his father had passed away. He returned back to his country to be with his family, and we wish them all the very best.

In the State Dining Room tonight are representatives of major industrialized economies, some of the largest developing economies, and key international financial institutions. We are here because we share a concern about the impact of the global financial crisis on the people of our nations. We share a determination to fix the problems that led to this turmoil. We share a conviction that by working together, we can restore the global economy to the path of long-term prosperity.

 

 

When we sit down at the summit table tomorrow, we bring clear priorities. Tomorrow's discussion will be the first in a series of meetings. It will focus on key [sic] five objectives: understanding the causes of the global crisis, reviewing the effectiveness of our responses thus far, identifying principles for reforming our financial and regulatory systems, launching a specific action plan to implement those principles, and reaffirming our conviction that free market principles offer the surest path to lasting prosperity.

As we pursue these objectives, we can build on what we have achieved together so far. Since the outbreak of the crisis, the world's leading nations have coordinated our actions more closely than ever before. Thanks in large part to these decisive measures, global credit markets are beginning to thaw. Businesses around the world are regaining access to essential short-term financing. And stability is beginning to return to the international financial system. This problem did not develop overnight, and it will not be solved overnight. But with continued cooperation and determination, it will be solved.

There is more work to do beyond the immediate crisis, and the stakes are indeed high. Billions of hardworking people are counting on us to strengthen our financial systems for the long term. Families need credit to buy homes and to fund education. Businesses need capital to expand their operations so they can hire new employees. Older workers are counting on pensions and retirement funds to support them in their retirement years. Developing nations need the assistance they have been promised -- as well as additional foreign investment -- to continue their journey from poverty to promise. All over the world, people understand that their livelihoods depend upon a healthy and growing global economy.

 

The surest path to that growth is to continue policies of free and open markets. Free market capitalism has been an engine of prosperity, progress, and social mobility in economies all over the globe. Trade and investment have been -- have linked our economies together -- creating new customers for businesses and workers, and greater choices and lower prices for consumers. All our nations must reject calls for protectionism, collectivism, and defeatism in the face of our current challenge.

I thank you all for coming tonight, and for your commitment to this urgent work. And with confidence in the success of our efforts, I offer a toast: to all of you, to the principles we share, and to the people we serve.

(A toast was offered.)

END 7:33 P.M. EST

http://www.whitehouse.gov/news/releases/2008/11/20081114-8.html

 

*President George W. Bush shakes hands with Prime Minister Gordon Brown, of the United Kingdom, as he's welcomed to the White House Friday, Nov. 14, 2008, for a dinner to open the Summit on Financial Markets and World Economy. White House photo by Chris Greenberg (영국)

 

 *President George W. Bush shakes hands with Canada's Prime Minister Stephen Harper as he's welcomed to the White House Friday, Nov. 14, 2008, for a dinner to open the Summit on Financial Markets and World Economy. White House photo by Chris Greenberg (캐나다)

 

 *President George W. Bush greets Republic of Korean President Lee Myung-bak Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and World Economy Leaders at the White House. White House photo by Chris Greenberg (한국)

 

 *President George W. Bush greets Russian Federation President Dmitry Medvedev Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and World Economy Leaders at the White House. White House photo by Chris Greenberg (러시아)

 

 

*President George W. Bush greets President Cristina Fernandez de Kirchner of Argentina on the North Portico of the White House Friday, Nov. 14, 2008, before a dinner to open the Summit on Financial Markets and World Economy. White House photo by Joyce N. Boghosian (아르헨티나)

 

*President George W. Bush greets Saudi Arabia King Abdullah bin Abdul Aziz Al Saud Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and World Economy Leaders. White House photo by Joyce N. Boghosian (사우디)

 

* President George W. Bush greets Spain's President Jose Luis Rodriquez Zapatero Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and World Economy Leaders at the White House. White House photo by Chris Greenberg (스페인)

 

*President George W. Bush welcomes President Kgalema Motlanthe of South Africa to the White House Friday, Nov. 14, 2008, for the dinner marking the opening of the Summit on Financial Markets and World Economy. White House photo by Chris Greenberg (남아공)

 

*President George W. Bush welcomes Prime Minister Manmohan Singh of India to the White House Friday, Nov. 14, 2008, for the dinner marking the opening of the Summit on Financial Markets and World Economy. White House photo by Chris Greenberg(인도)

 

 *President George W. Bush offers a warm welcome to President of France Nicolas Sarkozy, left, and European Commission President Jose Manuel Barroso, right, Friday, Nov. 11, 2008, upon their arrival for a dinner to open the Summit on Financial Markets and World Economy at the White House. White House photo by Chris Greenberg (프랑스와 유럽연합 사무국)

 

 *President George W. Bush stands with President Luiz Inacio Lula da Silva of Brazil upon the South American leader's arrival to the White House Friday, Nov. 14, 2008, for a dinner to open the Summit on Financial Markets and World Economy. White House photo by Chris Greenberg (브라질)

 

 *President George W. Bush welcomes President Hu Jintao of the People's Republic of China to the White House Friday, Nov. 14, 2008, for a dinner with Summit on Financial Markets and World Economy Leaders. White House photo by Chris Greenberg(중국)

 

 *President George W. Bush welcomes Prime Minister Recep Tayyip Erdogan of Turkey, to the White House Friday, Nov. 14, 2008, for dinner marking the opening of the Summit on Financial Markets and World Economy White House photo by Chris Greenberg (터키)

 

 

 *President George W. Bush greets President Susilo Bambang Yudhoyono of Indonesia Friday, Nov. 14, 2008, for dinner at the White House marking the opening of the Summit on Financial Markets and World Economy. White House photo by Chris Greenberg (인도네시아)

 

*President George W. Bush greets Italy's Prime Minister Silvio Berlisconi Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and the World Economy Leaders at the White House White House photo by Chris Greenberg (이탈리아)

 

*President George W. Bush greets Bank of Italy Governor and Financial Stability Forum Chairman Mario Draghi Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and the World Economy Leaders at the White House. White House photo by Chris Greenberg (이탈리아은행총재 겸 재무안정포럼의장) 

 

*President George W. Bush greets Prime Minister of Japan Taro Aso Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and the World Economy Leaders at the White House. White House photo by Chris Greenberg (일본)

 

*President George W. Bush greet Australia's Prime Minister Kevin Rudd Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and the World Economy Leaders at the White House. White House photo by Chris Greenberg (호주)

 

*President George W. Bush greets German Chancellor Angela Merkel Friday, Nov. 14, 2008, upon her arrival for dinner with Summit on Financial Markets and World Economy Leaders at the White House. White House photo by Chris Greenberg (독일)

 

 

 

*President George W. Bush greets Mexico's President Felipe Calderon Friday, Nov. 14, 2008, upon his arrival for dinner with Summit on Financial Markets and World Economy Leaders at the White House. White House photo by Chris Greenberg (멕시코)

 

 -이번 금융 서미트에서는 세계적으로 확대되고 있는 금융위기 극복을 위한 논의를 하는데, 금융기관에 대한 감독과 규제 강화에 대한 각국의 생각이 달라 효과적인 협조방안을 찾을 수 있을 지와, 금융위기 대응에 각국이 중핵적인 기관으로 보고 있는 IMF/ 국제통화기금의 기능을 강화하는 방안이 초점이 되고 있습니다.

-국제(세계)금융기관(은행) 동향과 자금 규모 그리고 각국 중소은행 도산 대책방안:세계은행 출범과 국제적 협조필요(세계적 대형은행 등장에 따른 부작용 대책, 예-씨티은행과 HSBC은행, 국민은행등)

-실업자 증가와 가계 빚 증가 우려 그리고 각국 정부 취업정보망 추진(아동들에게 노동에 대한 애정 교육 강화, 노동기피 현실이  세계 경제불안 원인)

각국 정부 부자들의 사회간접비용 투자와 공장건설에 투자 권유 그리고 각국정부 끼리 국경없는 철도나 도로등 정비사업 필요-소비는 투자라는 경제이론 입각하여 공장건설이나 철도, 도로등의 국경없는 장벽철거 필요)

-금융 체제 개선이 필수적이지만  지나친 정부 개입은 자유시장체제를 해칠 수도 있다는 의견

 -G20 정상회의가 글로벌 금융 체제를 새로 구축하기 보다는 금융 위기를 타개하기 위한 규제 및 지원 대책에 공동 보조를 맞춘다는 수준의 전반적인 합의 도출