"This summit of G-20 leaders and the G-20 meeting of finance ministers last weekend have begun to lay a productive foundation of discussion, input, and agreement.
What matters now are the follow up actions. People are looking to leaders for a global, coordinated and fast response.
If September and October were about coordinated and cooperative monetary policies, then November and December will be increasingly about starting fiscal stimulus. China’s recent $580 billion stimulus package was well timed and shows leadership. Further decisive actions will be needed. Such actions must take into account the interests of the poor and most vulnerable in developing countries.
Last month I called for a reform of the G7 and for a modernized multilateralism to better reflect the realities of the 21st century. It is a positive step forward that leaders of developed economies are now meeting together with leaders from the rising economic powers. But the poorest developing countries must not be left out in the cold. We will not solve this crisis, or put in place sustainable long-term solutions by accepting a two-tier world.
I welcome the reaffirmation by the Heads of Government of the importance of the Millennium Development Goals and their commitment to honor their pledges of overseas aid. If we are going to avert a human crisis, we will have to do more. At $100 billion a year, the amount spent on overseas aid is a drop in the ocean compared to the trillions of dollars that are now being spent on financial rescues in the developed world."
No comments:
Post a Comment