[Weekly Compilation of Presidential Documents Volume 44, Number 41 (Monday, October 20, 2008)]
[Page 1349]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 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.