Meeting G7, Bush Vows World Economic Fix

Oct. 11, 2008— -- After one of the worst weeks in the stock market's history, President Bush met foreign financial leaders today to hatch a plan to take on the international financial crisis. In a Rose Garden address following the meeting, Bush vowed to work together with world leaders to develop a unified response.

"All of us recognize that this is a serious global crisis and, therefore, requires a serious global response for the good of our people. We resolve to continue our strong efforts to return our economies to the path of stability and long-term growth," Bush said.

Bush was joined by financial leaders of the other G7 nations — Japan, Germany, England, France, Italy and Canada — as well as Treasury Secretary Henry Paulson and Secretary of State Condoleezza Rice.

While Bush did not discuss any strategies for resolving the economic crisis, he emphasized the need for global leaders to work together in order to avoid worsening the situation.

"As our nations confront challenges unique to our individual financial systems, we must continue to work collaboratively and ensure that our actions are coordinated," Bush said. "We must ensure the actions of one country do not contradict or undermine the actions of another. In our interconnected world, no nation will gain by driving down the fortunes of another. We're in this together. We will come through it together."

Bush also praised swift action taken by some G7 nations earlier in the week to enact a joint interest rate cut. In an historical coordinated policy action, central banks around the world, including the Federal Reserve and European Central Bank, lowered key rates in hopes of boosting liquidity and unfreezing the credit markets.

Bush tried to instill confidence that world leaders were doing everything they could to lessen the crisis, but warned it would take time.

"The benefits will not be realized overnight. But as these actions take effect, they will help restore stability to our markets and confidence to our financial institutions."