V S Chandrasekar/ PTI / Washington November 16, 2008, 13:41 IST
Facing the gravest economic crisis in decades, world leaders have agreed to
initiate "strong and significant actions" to stimulate economies, bring
transparency in financial system, offer liquidity and reform financial
institutions to beat the looming recession.
At a G-20 summit convened by US President George W Bush here yesterday, the
leaders, including Prime Minister Manmohan Singh, warned that "economic
momentum is slowing substantially in major economies and the global outlook has
weakened".
The meeting witnessed a shift in balance of power in which key emerging
economies like India and China demanded a greater say.
"We need to ensure that any new architecture we design is genuinely
multilateral with adequate representation from countries reflecting changes in
economic realities," Singh said addressing the summit.
Singh asked world leaders to refrain from protectionism and pave way for
multilateral regulatory supervision to avert the recurrence of crisis that has
led to the world economy to the recession.
Virtually responding to Singh's demand against protectionism, Bush said: "We
are committed to the people in the developing world... We have deep desire to
reduce trade deficit." "... That attitude (protectionism) was rejected,
thankfully. And as a matter of fact, not only rejected, there is a determined
effort to see if we can't complete the modalities for Doha by the end of
December," Bush said.
http://www.business-standard.com/india/storypage.php?tp=on&autono=49577
The only use of an obstacle is to be overcome. All that an obstacle does with
brave men is, not to frighten them, but to challenge them.
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