    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [November 14, 2008]
    [Pages 1371-1372]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks at a State Dinner With Financial Markets and World Economy
    Summit Participants
    November 14, 2008

        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. We will focus on key, 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 hard-working 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

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    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 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.

    Note: The President spoke at 7:29 p.m. in the State Dining Room at the
    White House. In his remarks, he referred to Prime Minister Jan Peter
    Balkenende of the Netherlands.