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Camp David, 18 October 2008
Transcript of President Barroso's statement at the joint press conference with President of the United States George W. Bush and President of the French Republic Nicolas Sarkozy following their meeting in Camp David shortly after beginning of the financial crisis
At this meeting, the three leaders agreed they would reach out to other world leaders next week with the idea of beginning a series of summits on addressing the challenges facing the global economy. The first summit of this series, which later became known as G20, took place in Washington 14 – 15 November 2008. Source of the transcript: Whitehouse.gov
"Mr. President, George, thank you for receiving us here at Camp David.
This is a global financial crisis that requires global solutions. Europe is taking decisive action. Our 27 member states and European Union institutions have worked and have agreed this week on a common framework for directions to deal with the financial crisis. This includes measures to address liquidity in interbank markets, recapitalization of banks, and guaranteeing households' deposits. Coordination and consistency of countries' decisions is the way to secure an efficient response to these unprecedented challenges. For these unprecedented challenges, we need an unprecedented level of global coordination.
The European Union and United States account for a very significant share of world finance. Around 77 percent of world also finance is from the United States and from Europe. The Europeans and Americans must now join efforts and extend our cooperation to major developed and emerging countries. We must act swiftly to respond to the urgency, but we must also look forward at the medium and long term.
The international financial system -- its basic principles and regulations and its institutions need reform. We need a new global financial order. Together, the European Union and the U.S., we can make a difference together. We should show the way towards an international response to the financial crisis and contribute to global growth.
This is why Europe wants the calling of an international summit as soon as possible to launch an effective world response to world crisis. It's precisely because if you live in open societies and open economies -- open societies need rules, the rule of law, the rule of democracy. Markets also need rules; if possibly, commonly agreed rules. And as President Sarkozy just said, we'll be this week also in Beijing for the ASEM summit where we hope to engage also with our partners around this very line.
Addressing the financial crisis must go hand in hand with providing our enterprises and citizens the conditions for creating wealth and jobs. I really believe we have a very strong responsibility.
Thank you very much for receiving us."