    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book II)]
    [October 15, 2008]
    [Pages 1312-1313]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Joint Statement by G-8 Leaders on the Global Economy
    October 15, 2008

        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

    [[Page 1313]]

    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 G-7 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.

    Note: An original was not available for verification of the content of
    this joint statement.