Source: Xinhua

03-12-2009 09:07

Special Report:   Global Financial Crisis

LONDON, Mar. 11 (Xinhua) -- British Chancellor Alistair Darling strongly appealed that G20 should work together not as a small group of advanced economies but globally, including emerging and developing economies, at the press conference held here on Wednesday.

"We must act together not only to deal with today's problems but also to prepare for a recovery, ready to seize the opportunities that will follow. The global economy is expected to double in size over the next 20 years, so there is a huge prize to be won," he said.

The G20 London Summit with the topic of "stability, growth and jobs," will be held on April 2. Just before the opening of the Summit, finance ministers and central bankers of the G20 group of developed and emerging nations will meet in Britain this weekend.

Because G20, presenting over 80 percent of the global economy, is a critical part in dealing with the global economic downturn, they should give three priorities, according to the Chancellor.

First, on the economy, a commitment should be made to boost demand using all the levers available, including monetary loosening, fiscal stimulus and measures to stabilize the financial system and restore bank lending.

Second, G20 must work together to reform the global system of financial regulation to make sure all types of risk to consumers, markets and economies are covered and to better manage risks through early warning capabilities and colleges of supervisors.

Third, G20 should reform the international financial institutions, not only by giving them more resources and instruments to support emerging and developing countries, but also by making the IMF and the World Bank more accountable and better able to perform their functions.

"We should not expect to achieve complete consensus overnight, but we can start to build that consensus by recognizing that our common interest need not contradict a country's self-interest," he added.

"The lesson from this economic crisis was that where once the advanced economies could lead, we must now work together in partnership with new economic partners. China is already the world's third largest economy," he emphasized.

He pointed out that international cooperation was essential to support the economy. "We are all affected by what happens to our neighbours. So our priority must be to support those countries most at risk from the aftershock of the global financial crisis."

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Editor:Qin Yongjing